Transport for London today announced that all black cabs in the city must accept credit card payments, which will eventually include contactless options.

The board of Transport for London approved the measure following a consultation in which an overwhelming 86 percent of respondents backed the move.

"It's great news that with a quick swipe of a card, millions of passengers will be able to pay for their journeys in London's iconic black cabs," London Mayor Boris Johnson MP said in a statement. "It's an essential part of modern life and it'll make paying for your journey swifter and simpler than ever before."

Transport for London said it is also committed to working with the card industry to link card payment devices directly to the taxi meter in future.

 "The TfL network is seeing more and more contactless payments so this would bring the taxi trade into line with other transport services in the capital," Garrett Emmerson, Transport for London COO for Surface Transport, said in a statement.