Yes. And they still honour the daily fare cap with this payment method, and you can register your card and access an online fare statement.

And the weekly cap. Unless you are staying for a while (e.g. working here for a month, overseas leg of a degree with-a-year-abroad) you can just tap into all of London's transport with your payment card and it's simpler without costing extra.

Although the weekly cap is always a fixed Monday to Sunday period, so if your arrival/departure dates don't match up with that, you can end up paying an additional capping period as compared to a dedicated travelcard (which can start on any day of the week).

The daily or weekly pay-as-you-go capping also can't be combined with rail tickets beyond the TfL/Oyster zones (whereas a travelcard can, even if it's on Oyster), and if you're a transit nerd, the maximum journey times allowed with pay-as-you-go can occasionally be annoying.

Having said that, I do concede that contactless payment is pretty neat, and I did make use of it, too, if I was staying less than a week in London, but all in all I'd still be a bit unhappy if e.g. the weekly travelcards were simply discontinued.

Coming from the states, tap in/tap out with my watch on the underground was so easy.

Same with the buses in London, and all public transport in Singapore.