May 15, 2007

NEWS: Britain Moves Closer to Cashless

With the advent of contactless technology, Britain is coming closer than ever to becoming a cashless society, say experts. Contactless technology, in which consumers can simply swipe or tap their card at a contactless point of sale reader at the cash register, is revolutionary for the ease it afford consumers in being able to pay for small transactions quickly, without a signature. Visa UK is doing its best to expedite the installation of the contactless terminals, which will permit customers to pay for transactions of £10 or less without handing over a penny at the till.

Upgraded credit and debit cards will be mailed to existing customers, becoming the first consumers to be able to make transaction payments with a swipe as early as this fall in London, where the first trials of the new system will be rolled out. A further bonus of the contactless systems is the fact that they cut down on line wait times, as there will be no PIN numbers to enter or signatures to execute. To prevent fraud, consumers will be asked “from time to time,” say, once in every so many transactions, to enter their PIN number, to match up identification.

Right now, some 20 billion cash transactions are made per year in Britain, per the Association for Payment Clearing Services. If Visa UK has their way, that number will be dipping dramatically.


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