THREE companies have been shortlisted for the next contract to run London's Oyster smartcards and related fare collection systems, which Transport for London said will take its ticketing systems 'into the next decade'.

The 'Electra' contractor will provide and maintain revenue collection systems at 400 Underground, DLR and London Overground stations as well as at tram stops, 250 National Rail stations in London and  4,000 Oyster agents, who are mostly newsagents. This contract also includes the maintenance of ticket gates and Oyster readers, plus the back-up data systems they use.

The three companies competing for the seven year contract, which starts in August 2015, are Cubic Transportation Systems Ltd, LG CNS Co CNF and Scheidt & Bachmann GmbH. They will be invited to submit detailed bids by October next year. The winner will be able to end the contract after five years, and there will also be extension options of up to three years.