Standard revamp to pioneer cashless payment system

It has reaffirmed its commitment to a paid-for product and confirmed it will not increase its cover price over the next 12 months.

The £8m will fund a rebrand of the street furniture used by Standard vendors and the Eros cashless reward card that launched last week. About £3m will be spent to promote the changes under the strapline 'Know What London's Thinking'.

Andrew Mullins, managing director of the Evening Standard, said: "We have no intention of giving away the Standard. We will be cashless and convenient - but not free."

Sixty of the Standard's 300 on-street sites will display the new livery from Monday - 200 should be revamped by November. Ninety of the new units will contain update-able 32-inch LCD screens - six went live yesterday. The Standard has booked CBS Outdoor's digital escalator panels at key interchange points for the next 52 weeks.

The revamp will enable the Standard to monitor buying trends and increase the sales data it generates - and communicate with buyers accordingly.

"Quality newspapers are relatively price inelastic," said Mullins. "Over time, the Standard's price point will go up - but not in the next year. We need to increase circulation and get the Standard back on media schedules."