Transport for London (TfL) has published full details of its Revenue Collection Services contract, awarded to Spanish defense and tech group Indra Sistemas in January, revealing the deal could be worth nearly twice what was initially announced. The contract hands Indra responsibility for operating, maintaining, and developing almost all public transport ticketing across western Europe's largest city. This spans paper tickets, Oyster smartcards, and contactless smartphone payments. It covers 8,500 buses, 1,000 stations, 4,000 third-party retailers, and seven visitor centers, running for seven years with options to extend by up to five more. A contract award notice published on May 14 puts the maximum possible value at £1.964 billion excluding VAT, significantly more than the £587.6 million TfL cited when it first announced the award, which it said could rise above £987 million. A TfL spokesperson clarified that the January figures cover agreed work over the initial seven-year term, while the notice reflects the ceiling value if all extensions and variations are exercised, each of which would need to be negotiated separately. The contract's most significant technical change is a shift to an account-based ticketing model for Oyster. Rather than storing balances and tickets on the card itself, data would instead be held in a back-office system, paving the way for virtual Oyster cards on smartphones, though TfL says proof-of-concept and development work must come first. TfL also plans to introduce unique identifiers for payment accounts, which it says will allow passengers to link mobile devices with payment cards and use them interchangeably. This would be a notable improvement on the current system, where price caps – the maximum a passenger pays over a given period – only apply when the same Oyster card, payment card, or device is used consistently. The contract additionally covers new equipment for stations, buses, and revenue inspection staff, and may extend to Oyster and contactless payments on national rail services, as well as commercial use of ticketing data. Indra takes over from US firm Cubic Transportation Systems, which has run TfL's Oyster system since its launch in 2003 and contactless card payments since their introduction on London buses in 2012. Some Cubic staff are expected to transfer with the contract. In 2016, TfL licensed the contactless system to Cubic for £15 million, allowing the technology to be adapted for other cities worldwide. TfL's director of technology strategy and revenue, Shashi Verma, paid tribute to the outgoing operator, saying: "I want to thank everyone at Cubic Transportation Systems for their work and innovation in delivering, maintaining, and improving the Oyster and contactless system over the past decades. The hard work and innovation by Cubic helped make the system as instantly recognizable and successful as it is." The contract gives Indra access to one of the largest urban transport datasets in the world. TfL holds extensive personal data on millions of London residents and visitors, a fact thrown into sharp relief in September 2024, when a cyberattack exposed the records of up to seven million customers after hackers breached its internal systems. ®