Bus users will no longer be able to pay their fares with cash. Instead, all payments must be made via Oyster, travel card, or a contactless payment card. Single adult fares have been pegged at £1.45.
This shouldn't be a tremendous change - TfL reports that 99% of bus journeys are currently undertaken via one of these forms of payment already. To ease the transition further, TfL will now allow customers who haven't got enough credit on their Oyster card, to take one extra journey before topping up and clearing the negative balance at that point.
TfL believes that they will save £24m a year in going cashless - a sum which will be reinvested into the bus network.