Transport for London (TfL) has announced that buses in the capital will not accept cash fares from the summer.

This is following a public consultation, which found that around a third of respondents were in favour of the move and a further three-quarters of people did not use cash to pay for their travel themselves. Currently, fares paid for by coins and notes only account for one per cent of bus journeys, a reduction of 25 per cent a decade ago.

It is claimed that more than eight million journeys have taken place using contactless cards since they were introduced on the network in December 2012. TfL is expecting the number of  cash payments to fall even further, as the cards will be introduced on the underground and rail services later this year.

Leon Daniels, managing director of TfL surface transport, commented: "The decision to stop accepting cash fares on London buses reflects the changing way that people pay for goods and services in our city, including journeys on the bus network."

It is anticipated the new proposals will generate significant savings for the company, as it currently costs £24 million per year to process cash payments.