Hybrid travel, credit card
January 18, 2007 by admin
Filed under News, News-Credit-Cards
Barclaycard has teamed up with the people behind Transport for London’s Oyster Card to bring a new era of payment to the UK.
Cubic Corporation, the firm that developed the Oyster Card, has struck a deal with Barclays in London to develop a hybrid card.
It will be useable both as an Oyster Card, allowing travel on the capital city’s transport network, and as a credit card.
The credit card element will work in exactly the same way as it does at present, as will the Oyster Card functions, but low value payments will now be revolutionised.
Holders of the new card will be able to make payments of £10 or under by simply waving the card in front of a receiver.
“Oyster has been a great success making journeys across London, cheaper, easier and quicker, but we want to make Oyster even more convenient,” said London Mayor Ken Livingstone.
“This new deal will mean that from next year people can buy low cost items and take advantage of Oyster fares on the same card, reducing the need to carry cash.”
A £10 limit has been put on the ‘wave and pay’ function for security reasons and the card, which will be tested in London in early 2007, also contains standard chip and pin technology.
