A new type of credit card system that could have a major influence on creating a cashless society has been launched in the UK. Known as ‘Tap &Go’ the credit card system allows buyers to purchase by touching their card against a reader.
The system, known as contactless payment, is designed for small purchases, not exceeding £10. Several major lenders have signed up for the system, including HSBC and Royal Bank of Scotland . The system has been launched in the City of London and Canary wharf, with the plan to roll it out throughout the UK next year.
The contactless payment cards are expected to replace many existing credit and debit cards, making cash even more obsolete. The general manager of MasterCard Northern Europe, John Busby, reportedly commented: "Consumers and retailers in other parts of Europe, the US and Asia are already embracing the ease and safety of contactless payments in retail environments where speed is essential."
New type of tap and go credit card launched
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New type of tap and go credit card launched
Tue, 04 Sep 2007
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