Dubbed “PayTag”, this can turn any mobile into a contactless way to make easy, secure payments. There's no need to fumble with cash because it simply sticks to the back of your mobile - it's right there when you need it most.
The short video below shows the simple steps involved inusing PayTag plus the benefits Visa credit card customers can enjoy.
The free PayTag stickers, which are about a third of the size of a credit card, are currently being offered to selected customers, who can link them to their main accounts. A full launch will follow later this year.
Customers attach the stickers to their handsets and can then make payments of up to £15 (this will rise to £20 in June) at retailers that accept the technology with a tap against a terminal.
Visa say that the number of contactless point-of-sale terminals in the UK will rise by 50% to 150,000 in 2012.
Transport for London is currently upgrading all Oyster card readers across the capital to work at the touch of a bank-issued card or a handset. The new system is expected to be up and running on all of London's 8,000 buses by the end of the year, with the Tube, DLR, Tram and London Overground network following in 2013.
Barclaycard claims that not only will there be a surge in contactless payments but that by 2016 half of these will be carried out using phones rather than cards.
David Chan, CEO, Barclaycard Consumer Europe, says: "More than half of us say that the item we're most lost without is our mobile phone, so we're giving people the option of using them to make easy, convenient, everyday payments without the need to upgrade their current handset."
Barclaycard stresses that by going for the relatively low-tech option of PayTag stickers it can bring mobile payments to all customers, no matter what handset they use. Manufactures, notably Nokia and Samsung, are adding NFC capabilities to a growing number of models but UK ownership of these smartphones is still minute in the UK.
In February, Barclays launched a person-to-person payments service, called Pingit, that enables Brits to send and receive money using mobile phone numbers. Last week Pingit was opened up to non-customers, providing Barclays with an opportunity to gain more users before the rival service that is being developed by other UK banks launches.
The video below gives more information on PayTag as well as other UK developments in this field.
