Barclaycard announced earlier this week that it is launching a contactless payments wristband. According to The Telegraph, the “bpay” band uses the contactless payment technology in Barclays’ credit and debit cards. Consumers can make payments by scanning the wristband against one of 300,000 UK terminals.
Chief executive Valerie Soranno Keating told the news source that because of Barclaycard’s unique position of having relationships with consumers and retailers, it is fully able to engineer changes in consumer habits.
“We’re the only financial institution in the UK that has both sides of the equation; we can actually create the tipping point,” she said.
The goal of the technology is to encourage more cash-free payments, according Barclaycard. However, the bands will also have other uses, including allowing entry into sports and music events.
The wristband will be offered to customers of any UK bank or credit card company, with the exception of Amex, Barclaycard officials explained to Finextra. Additionally, the actual bands will be free and there will be no usage fee.
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