Cubic and Transport for London’s Contactless Payment System Wins Back-to-Back Awards

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Technology recognized for Most Innovative, Outstanding Large Project by UK Rail Industry and London Transport

TfL and Cubic worked closely together to solve a number of complex technical and regulatory issues to achieve the contactless innovation.

Cubic Transportation Systems, a business of Cubic Corporation (NYSE:CUB), and Transport for London’s (TfL) contactless bankcard payment system are the proud recipients of two prestigious awards for Outstanding Project at the 2015 UK Rail Industry Awards, followed by Most Innovative Transport Project at the London Transport Awards.

Launched in 2012, the contactless bankcard system was extended in 2014 to cover London’s entire transit network – including Tube, rail, bus and tram services. The success of the contactless payment project in London is best represented by the 500,000 contactless journeys made every weekday.

TfL’s director of Customer Experience, Shashi Verma said, “I am delighted the work we have done with Cubic to deliver contactless bankcard payments across transport in London has been recognised with these latest awards. We worked tirelessly together to ensure the delivery of our new convenient payment option was faultless and today our customers are enjoying the benefits with more than 50 million contactless journeys made in just five months.”

John Hill, managing director of Cubic Transportation Systems in Europe said bringing contactless bankcard payment to London was the result of a successful collaboration with TfL and years of research and planning.

“TfL and Cubic worked closely together to solve a number of complex technical and regulatory issues to achieve the contactless innovation. Since the introduction of contactless, more than 1.3 million unique cards have been registered on the system with up to 30,000 new cards used every weekday,” Hill said. “The introduction of contactless bankcard payments caused a fundamental shift of thinking from a card reader-centric solution to a back office system. It is clear people are sitting up and taking notice of how London has implemented this change.”

The two award wins come just weeks after the ticketing system was named the Best Bank Card Ticketing Scheme at the Transport Ticketing awards in the UK earlier this year.

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About Cubic Corporation
Cubic Corporation is the parent company of two major businesses. Cubic Transportation Systems is a leading integrator of payment and information technology and services for intelligent travel solutions. Cubic Global Defense is a leading provider of realistic combat training systems, secure communications, operations, maintenance, technical and other support services for the U.S. and allied nations. For more information about Cubic, please visit the company's web site at http://www.cubic.com.

Media contacts:
Margaret Mentz
HAMG360
PH: +44 (0)208 315 7944
Margaret(at)HAMG360(dot)com

Nina Jimenez Taylor
Corporate Communications
Cubic Corporation
PH: +1-858-505-2003
nina.jimeneztaylor(at)cubic(dot)com

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Nina Jimenez Taylor
Cubic Corporation
since: 01/2011
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