We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
80,259 News Articles

Visa & Mastercard plan 'wave & pay' cards

Issuers follow Barclaycard's contactless cards

A string of payment card issuers have confirmed that they will introduce contactless ‘wave and pay’ cards from September in the UK.

The news follows Barclaycard's announcement last week that it would start issuing a contactless payment card combined with the Oyster card used to pay fares on London's buses and underground.

The cards issued by Bank of Scotland, Citi, Euroconex Technologies, Halifax, HSBC, Lloyds TSB and the Royal Bank of Scotland through the Visa Europe and MasterCard schemes will allow users to pay for items worth under £10 using the contactless technology, while also providing standard chip and PIN credit and debit card functions.

Card users will be able to make payments by holding their card up to the contactless reader. The low value transactions will not routinely require users to enter PIN numbers, but card chips will track activity and as a security feature will request a PIN from time to time.

Visa UK managing director Jose San Juan said: "By the autumn the first UK cardholders will be buying a coffee or a sandwich in a split second, and retailers will enjoy quicker transactions, the security of the payment guarantee and an end to the high costs associated with handling cash."

More than 20 billion payments worth less than £10 - with a total value of approximately £200 billion - are made in the UK each year.

Industry estimates suggest that more than 5m contactless cards will be issued by the end of 2008 and that they will be accepted by at least 100,000 retailers and other outlets.

The cards will be available in London from September and across the UK from next year. The initial launch will involve a mix of retailers and selected cardholders who regularly use their cards in postcode areas covering the City and London Docklands.

The contactless technology has been developed to a global standard, to allow cardholders to use their cards in other countries where contactless payment technology has been adopted.

IDG UK Sites

LG G4 Note UK release date and specification rumours: Samsung Galaxy Note 5 killer could be the LG 3......

IDG UK Sites

In defence of BlackBerrys

IDG UK Sites

Why we should reserve judgement on Apple ditching Helvetica in OS X/iOS for the Apple Watch's San...

IDG UK Sites

Retina 3.3GHz iMac 27in preview: Apple cuts £400 of price of Retina iMac with new model