Barclaycard's Contactless Payment bPay Bands Will Reduce Cash Transactions
Alyson Wyers — June 16, 2014 — Business
References: barclaycard & psfk
If you combine wearable technology and contactless payment, you will get the credit card-replacing wristband from Barclays Bank. The bPay band is a wearable payment device you wear on your wrist that allows you to pay for things on the go without using cash, debit or credit.
The Barclaycard division launched a contactless payment card in 2007 and this is the next evolution from that. Previously people could pay for items up to £20 by tapping or scanning their Barclaycard at appropriate terminals. But now they will be able to do this with a wristband instead where retailers display the contactless payment symbol. The bPay band will be made available to the majority of UK card holders, not just customers of the financial services firm.
The Barclaycard division launched a contactless payment card in 2007 and this is the next evolution from that. Previously people could pay for items up to £20 by tapping or scanning their Barclaycard at appropriate terminals. But now they will be able to do this with a wristband instead where retailers display the contactless payment symbol. The bPay band will be made available to the majority of UK card holders, not just customers of the financial services firm.
Trend Themes
1. Wearable Payment Devices - Barclaycard's bPay bands represent a disruptive innovation opportunity for companies looking to create more wearable payment options.
2. Contactless Payment - The trend toward contactless payment is rapidly increasing, as demonstrated by Barclaycard's focus on this technology.
3. Cashless Transactions - As more payment options become available, businesses can explore the opportunities presented by a future without cash.
Industry Implications
1. Banking - The financial services industry has the opportunity to develop and market more wearable payment devices like bPay bands.
2. Retail - As more consumers adopt contactless and wearable payment devices, retailers can prepare for a shift away from cash transactions.
3. Technology - Advancements in wearable technology and contactless payment will continue to create opportunities for companies focused on innovation.
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