Transport for London is terminating its £100m contract with Transys, the supplier consortium which manages the Oyster card. The consortium's two principle partners are EDS and Cubic.
TfL says its decision to terminate the contract was not related to the IT problems. The company also said it was nothing to do with the publication of a report by Dutch researchers that showed how to breach the Oyster system.
A spokesman said, "We are convinced that any new contract will deliver enhanced services for less money and drive significant savings".
The contract will finish after a notice period of two years. The Oyster brand is owned by Transys, but TfL said it will "be in discussion with Transys about that," adding that it would work to "ensure the continuity of the brand."