16 December, 2006
Barclays works with Oyster card for low value contactless payments
Barclays, the credit card company, will launch a 'wave & pay' card for low value purchases, such as newsagents, pub, vending machines, in late 2007.
For transactions less than £10, card owners will not need to use a signature or a PIN.
For purchases over £10, users will be required to enter their PIN (aka Chip and PIN).
The unique aspect of this annoucement is that the trial will combine the 'wave and pay' card from a bank with the existing and extremely successful Oyster card, the pre-paid contactless card for the London Underground and bus system.
A couple of years ago, insiders tell me that Oyster were threatening to go direct to consumers without the partnership of banks. Fortunately, they have seen sense...
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