Wearable Con Tactless Wallet
The wallet and purse have become redundant with the launch of a rubber wristband that can be used to pay for a bus journey or buy a coffee.
The bPay band has been developed by Barclaycard although it can be used by anyone; regardless of who they bank with. The band contains a smart chip and a tiny radio antenna that triggers a payment when it is swiped over a terminal on a bus or the security barrier at an underground or train station.
The contactless payment device lets anyone of any bank make payments without cards. Children might wear them to pay for their daily bus journey to school, while workers will be able to travel to work, buy lunch, a newspaper or a glass of wine without ever needing cash.
. Time users will be able to personalize them to suit their own style and color choice. Users effectively load money on to the band from their own debit or credit card via the bPay website and then make purchases up to a value of £20 ($32) on a single item.
The bank said: ‘At the heart of the bPay band is a pre-paid account to which funds are either added automatically when the balance runs low or can be done so online. ‘Customers can easily manage their accounts and instantly see their transactions online using their mobile, tablet or smartphone.'
The device will be rolled out nation-wide next year.
17-09-2014 11:08 AM