Cash payments are no longer permitted on London buses after Transport for London (TfL) rolled out its plan to require all passengers to use alternative payment methods.

The change came into effect earlier in the week and TfL says it will have little effect, as only 0.7 per cent of journey's on its bus network are paid for with cash.

It said research shows the "vast majority" of tourists use prepaid tickets to travel by bus and director of buses at TfL Mike Weston explained it the move should improve user experience.

"Removing cash from our bus network not only offers customers a quicker and more efficient bus service but it enables us to make savings of £24 million a year," he said, adding the money saved will be reinvested into the capital's transport network.

However, the Green Party has criticised the move, the BBC reports, with the party arguing it could result in vulnerable passengers struggling and increase demand for ticket outlets.