On the 16th September 2014, you will be able to use your contactless bank card to travel on the London Underground, Overground, Docklands Light Rail, Trams and National Rail services in London.
Contactless bank cards was first introduced on London buses from the 13th December 2012. Price caps for London Buses were introduced last month which allows passengers to ride for more then four buses at the cost of £4.40. Also passengers would benefit for a weekly cap which is equivalent to a weekly bus pass.
Since its going to be expanded on other TFL services it will cost the contactless bank card users no more then a daily Travelcard. If they use the system for a week then they will get a weekly price cap which is equivalent to a weekly Travelcard.
From TFL's press release.
SourceOn Tuesday 16 September millions of customers will be set for easier and more convenient journeys when Transport for London (TfL) introduces contactless payments on Tube, tram, DLR, London Overground and National Rail services that accept Oyster.The new option, which is part of a range of improvements TfL is making for customers, means that there will no longer be any need to spend time topping up Oyster balances because fares are charged directly to payment card accounts.Contactless payment cards are debit, credit, charge or pre-paid cards which can be used to make quick, easy and secure payments for everyday purchases of £20 and under.There is no need for a PIN or a signature, just touch the card on the reader. This technology is becoming increasingly common, with half of Londoners already having a contactless card.Contactless payments work in the same way as Oyster, charging customers an Adult-rate pay as you go fare when they touch in and out on readers at the start and end of every journey.TfL continues to remind all customers about card clash - it is essential they only touch one card on the reader to avoid paying with a card they did not intend to pay with.
More information on fares for using London Transport services.