These cardboard tickets were also electronic. What data does the Oyster card provide that couldn't have been obtained from the earlier tickets?
It is the ability of the card to track real time movements of people collectively - ie the flows past the readers and therefore cardholders' presence shortly after on platforms - which is useful, I think.
I have noticed on the Tube that trains often seem to terminate early (to shuttle back), and re-route on an ad hoc basis - eg at an intersection like Camden Town on the Northern Line - far more than they used to.
I suspect that sophisticated analysis of people flows from Oyster data may be driving this traffic management.
A Diary from Bruce McF or DoDo on this might be interesting. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky