Plastic Extinct Too?
Like cheques, plastic money could also be well on their way out. Shocked? So were we, till we found out that this statement came from a well-informed source -the Barclaycard CEO Antony Jenkins. Jenkins, who launched UK’s first ever credit card way back in 1966 talks about how contactless payment technology has tremendous capability, which will only be enhanced if the plastic around it is taken off. Barclaycard launched its combined contactless Oyster travel and debit card, OnePulse, in London last September. By the end of the year it will have issued over one million contactless cards, with thousands of retailers accepting them. But Barclaycard is already looking beyond cards and is reported to be investing a seven-figure sum in contactless payment technology. Last year the company teamed with phone network O2, Transport for London, Nokia, Visa and TranSys, the consortium which currently runs the Oyster card system, on a six month trial of NFC (Near Field Communications, more of which is in the next article) mobile payments. The pilot concluded earlier this month, with nine out of ten participants saying they were happy using NFC technology on a mobile phone and 78% saying they would be interested in using contactless services if available. Read more on this here.