A pilot scheme is set to launch within weeks which could see the eventual demise of the Oyster card - the essential transport tool for Londoners in the last decade.

Instead, Transport for London (TfL) will soon begin the first phase of ushering in a "wave and pay" contactless pay system using a credit or debit card.

The pilot scheme could start in December before being offered to all passengers next year on the tube, London Overground, the Docklands Light Railway and the tram.

Under the 'wave and pay' travel system, passengers swipe their bank card across the reader at stations and cash is automatically deducted from their bank account or credit card account.

In December last year TfL introduced wave and pay on buses and is planning to get rid of cash payments on the bus entirely by the end of 2014.

It is believed the operator will save significant sums rolling it 'wave and pay' across the rest of the transport network.

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