Barclaycard introduces ‘wave and pay’ credit card
July 13, 2007 by admin
Filed under News, News-Credit-Cards
In another small step towards a cashless society, Londoners will be able to make purchases on a combined Oyster and credit card from this autumn.
Along with more traditional transactions, the new ‘wave and pay’ card will perform the same function as the Oyster card, a ‘contactless’ payment system which has enabled quicker, cash-free payment at cheaper rates on the London public transport system.
The new product from Barclaycard, called the OnePulse, was developed in collaboration with the consortium which operates the Oyster card, TranSys.
In a further innovation , the card will be enabled for contactless payment for low value transactions. Users will be able to pay for purchases under £10 by swiping the card in a special reader, rather than having to enter their PIN.
The new technology has been successfully roadtested at Barclays’ Canary Wharf headquarters.
The card operates on the typical variable APR of 14.9 per cent, and offers zero per cent interest on products bought in the first six months.
Recent figures released by Apacs show that card spending has risen by 269 per cent in the UK over the past decade, with just a 17 per cent increase for cash.
