Watch the video to the right to hear Caroline discuss the future of ticketing.
In a report published, today the London Assembly's transport committee has warned of the risks with TfL's plans to adopt "wave and pay" bank card technology on London's transport network.
The new system is expected to be up and running on all of London's 8000 buses in time for the 2012 Olympic Games, and rolled out onto the Tube, DLR, Tram and London Overground network before the end of 2012 - but the committee's report describes this plan as "unconvincing" and highlights issues around data security, the costs of the scheme, and its impact on the 20% of Londoners without access to credit or debit cards.
The report cites a survey carried out by Which?, showing that Londoners still need some winning over to the idea of contactless payment cards. Only 54% of 158 Londoners would be willing to only use this method, even provided it gave them the same benefits as currently offered under the Oyster system.
The committee is also "unconvinced that [TfL's case] makes a compelling argument for introducing contactless payments, or that the scheme will deliver the return TfL expects on the £75 million it is spending on the early phases" - and has referred the business case to the IIPAG, the panel that advises on TfL's investment programme, for an independent look at underlying assumptions, costs and benefits.
Caroline Pidgeon, Lib Dem leader on the assembly and Chair of the Transport Committee, said:
"It's only right that Transport for London is looking to new technologies to enhance its ticketing offer, but many passengers are sceptical about using bank cards as tickets, and others simply won't be able to.
"If contactless payment is to prove successful we would expect to see a far more detailed and compelling case for its introduction. Most importantly, we want guarantees that all passengers will continue to have access to the cheapest fares no matter what type of ticket they use."
You can read more coverage in the Guardian, on the BBC website and the FinExtra website. And City AM has an article from Adam Smith, CEO of sQuidcard, arguing for a cheaper smartcard system using international transport standards rather than banking technology.