Today Barclaycard has unveiled their new NFC payment service called PayTag, which uses a sticky-backed plastic square to provide you with the ability to pay for goods via Near Field Communication (NFC).
The new PayTag service has been created by Barclaycard to bring the NFC technology and payments to the masses, by allowing them to transform any handset into an NFC device by simply applying the NFC sticker to the back of their smartphone. Watch the video after the jump to see PayTag in action.
How PayTag Works
The new PayTag system is now available to Barclaycard Visa cardholders at no additional cost. The PayTag sticker can be attached to the back of any smartphone, allowing users to make tap-to-pay purchases up to the value of £15 at a variety of UK retailers including Waitrose, McDonald’s, Tesco, EAT, and Boots. This innovative approach eliminates the need for consumers to upgrade their current handsets to enjoy the benefits of NFC technology.
CEO of Barclaycard Consumer Europe, David Chan, explains:
“Today, we are offering the choice of mobile payments to millions of our customers at no additional cost to them. 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.”
Benefits and Future Implications
The introduction of PayTag is a significant step towards the widespread adoption of NFC technology. By making it accessible and easy to use, Barclaycard is paving the way for a future where mobile payments become the norm. This service is particularly beneficial for those who are not ready to invest in the latest smartphones but still want to enjoy the convenience of contactless payments.
Moreover, the PayTag service is expected to drive competition among retailers to support NFC payments, thereby increasing the number of locations where consumers can use this technology. As more people adopt PayTag, it could lead to a broader acceptance of NFC payments across various sectors, including public transportation, entertainment, and more.
In addition to its convenience, PayTag also offers a layer of security. Since the transactions are limited to £15, the risk associated with unauthorized use is minimized. Furthermore, users can easily deactivate the PayTag sticker if their phone is lost or stolen, providing peace of mind.
As NFC technology continues to evolve, we can expect to see even more innovative applications and services that enhance our daily lives. From making quick payments at a coffee shop to accessing secure buildings, the possibilities are endless. Barclaycard’s PayTag is just the beginning of a new era in mobile payments, and it will be exciting to see how this technology develops in the coming years.
Source: T3
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