Excellent question. The TFL maximum fare is also known as the daily or weekly fare cap. It’s a core benefit of using Oyster cards, contactless payment (cards or devices), and Travelcards in London. It’s not a fixed price, but a system that ensures you never pay more than the cost of the relevant Travelcard for the zones you’ve traveled in that day or week.
Here’s a breakdown of how it works:
The system tracks all your journeys in a single day (from 04:30 to 04:29 the next day) or across a Monday-to-Sunday week. Once the total cost of your pay-as-you-go journeys reaches a certain cap, all further travel for the rest of that day or week is free.