Transport for London (TfL) has struck a deal that means it will retain the Oyster card name and branding.

Transport for London was in legal wranglings to keep the name, after the company terminated its long-standing contract with the TranSys consortium.

TranSys, who has being dealing with the Underground ticketing system since 1998, was originally meant to have a contract with TfL that lasted 17 years, but the contract is now due to be terminated in 2010. The Oyster card service began life in 2003.

London is delighted

Speaking about the new deal, Shashi Verma, TfL's Director of Fares and Ticketing said: "This new deal will see Oyster in the pockets of Londoners for years to come and will save significant money that TfL will invest in improving transport in the capital.

"Transport for London is delighted that its successful partnership with Cubic and EDS will now continue for the next five years. The new contracts will deliver better value for money and improvements to Oyster for passengers across London."

It does mean that the Oyster card will still be in circulation for the 2012 Olympic Games, which is a good thing as an overhaul of the ticketing system before then could have been disastrous for the event.

The future of the Oyster card after 2012, however, is still uncertain.