Barclays bank is introducing a wearable payment device called the bPay band.
Financial services company Barclays has unveiled a new wearable payment system that lets people make purchases without the need for cash or for a credit card or debit card.
The system is basically a silicon-made, wearable contactless wristband called bPay band, which works using the same contactless payment technology that’s being used in the company’s credit and debit cards.
The company’s Barclaycard division Barclaycard first launched the contactless card in 2007. Users with bPay cards can pay for items up to £20 by tapping or scanning their card at a contactless terminal. bPay bands can be used at retailers that have the contactless symbol.
Barclaycard hopes that the new wearable payment system will increase the number of cash-free transactions.
The company is also making the wristbands available not just to their customers but to the majority of all UK card users with any Visa or MasterCard credit or debit card. The bPay bands are free of charge and users can add money to their bands with their Visa or Mastercard by going to the bPay band site. They can also set up the auto top-up feature and the amount will be deducted from their registered card.
New users need to “wake up” their bPay bands or activate them through the website. Users can load a minimum of £25 on their first load and £5 after. They can load a maximum of £100 each time, up to four times per day, as long as the ending balance doesn’t go over £200.
The company plans to roll out the bPay band this year during their sponsored events and will conduct a wider launch next year. Barclaycard will be distributing the bands during events like this year’s British Summer Time music festival.
Barclaycard also expects that the bPay bands will also be used in other ways, such as allowing wearers entry into sports and music events or festivals. Event-goers with bPay bands will be able to load their tickets and top up the credit on their bands – allowing them fast-track entry into the event.
[h/t] The Telegraph