contactless debit cards

[nightcrawler13]

got a memo saying that Co-Op staff would be the first of it's banks customers to try out the new cards...

you'll be able to spend up to £15 just by touching the card against a button, no need to sign anything or use your PIN

does this not seem like the worst idea ever?

if someone finds/steals your wallet they will have instant access to you moolah

[brighteyes]

Yep pretty stupid, seeing as it'll only save about 20 seconds or so over the pin-entering method.

The early Pay At Pump petrol stations you just had to put your card in, no pin or signature. I always thought that was odd.

[kingjamma]

They've actually had this for quite a while now. I've got it on my barclaycard which I've had for a few years now and it can only be used in shops that have this certain symbol and up to the value of £10. Never used it though as I don't trust it and think it's a bit dodgy.

[dakyras]

Yeah, Barclays have been doing this for yonks. Haven't you seen the advert with the man in the flume going through the city?

As I understand it, there's either a £15 limit per day, after that the machine asks for your PIN, or there's a limited number of transactions, each of which can be up to £15, after which the machine asks for your PIN. Either way, you're still protected by the same fraud guarantees of any other debit/credit card, so I don't really see the problem. Someone having a contactless debit card is the least of your worries if someone steals your wallet.

[markeee]

got a memo saying that Co-Op staff would be the first of it's banks customers to try out the new cards...

you'll be able to spend up to £15 just by touching the card against a button, no need to sign anything or use your PIN

does this not seem like the worst idea ever?

if someone finds/steals your wallet they will have instant access to you moolah

[rabid]

Yeah, Barclays have been doing this for yonks. Haven't you seen the advert with the man in the flume going through the city?

As I understand it, there's either a £15 limit per day, after that the machine asks for your PIN, or there's a limited number of transactions, each of which can be up to £15, after which the machine asks for your PIN. Either way, you're still protected by the same fraud guarantees of any other debit/credit card, so I don't really see the problem. Someone having a contactless debit card is the least of your worries if someone steals your wallet.

[gratedenini]

Ooooo I think i could be in trouble here... I`ve lost my Barclays card!

My saving grace will be that whoever tries to use it will get a f**kin shock to find theres only 96 pence in my account until sauasage day!

Y`know... i could never really understand those adverts with the bloke fleein round that tube. I thought he was stealing things!!!

I think it a stupid thing mesell...and who paid for the development for it eh? Aye.. the customers via bank charges I bet.

den

[jono_01]

The useage is monitored; if it suddenly starts getting hammered then it's blocked and Barclays (or whatever other merchant) will contact you to verify transactions - much like they do with debit and credit cards already.

It is somewhat of a gimmick but I think the concept will work in certain places - the busy shop at lunchtime. Would be great to pick up a meal deal, scan it and bleep the card at a contact point and walk off. Many less people waiting in the queues for this service than the tills / self service checkouts - particularly at lunchtime.

Time will tell whether it'll take off.

[benc]

For some reason I thought paying via your mobile phone was the next big thing, and that was a year or so ago that i heard that.

Something to do waving your sim card at the payment receiver thingy.

I cant figure out that the benefit it though

Edited October 18, 2010 by benc

[gedrulz]

Benc you are right NFC (what it's dubbed) will be winging it's way to your phone soon. The benefit of using your phone is that you may not need the traditional bank account in future. Using your phone as your chief method of payment is growing fast in countries in africa and some Asian islands. Sims and bank cards are very similar and made by the same peeps. If anyone does have any interest I suggest googling the company gemalto. They have a bit on their website about trials being run all over the world currently.