ABC Money
Home

Visa to introduce 'wave and pay' system in Britain


Published :
Fri, 24 Nov 2006 11:00
By : Amy Watts
Print this Story


AddThis Social Bookmark Button

LONDON - Visa announced on Thursday that it would be introducing a "wave and pay" system in Britain from the next year. Items that can be brought in such a manner are typically low-cost ones like a pint of beer or a newspaper.

Visa UK said the contactless system, which allows consumers to pay by simply tapping their cards on a card reader, would be in place by the end of 2007. The main aim of the system is to reduce waiting times for payments on small items to go through or even having to tap in the PIN numbers on each transaction.

Under the system consumers can purchase goods worth up to £10. In order to protect the card owner, users will need to verify that they are the genuine owners by a 'chip and pin' transaction if the amount crosses £10.

Visa UK said that this method would reduce the checkout queues at retailers besides saving time for customers.

"With over 75% of all cash payments being less than £10, the introduction of contactless payments will play a major role in encouraging the use of cards over cash for low value transactions," said Sandra Alzetta, a senior vice president at Visa Europe's consumer market development section. "In addition, the decision to go live in less than a year supports our vision for a cashless Olympic Games in London in 2012."


Share on


 You Might Like
Mortgage lending hit two-year high in July: BBA
PayPal launches China service
+
Vodafone to introduce ‘Quickphone’ kiosks
2 million people in Britain have debts over £10,000

Comment on this Article
Comment:
Title:
Name:
Please Enter
 
Here
  

 Search News

 Look For
Business
Credit cards
Finance
Loans
Money
Mortgages

 
 Stock Quotes *
SYMBOL
LAST
CHANGE
DOW JONES
8280.74
-223.32 ( -2.63 %)
NASDAQ
1796.52
-49.20 ( -2.70 %)
FTSE 100
4236.28
+2.01 ( 0.05 %)

SYMBOL ( 2009-07-03 )
LAST
CHANGE
BRITISH AMERICAN TOBACCO ( 12:07pm )
1718.47
+33.47 ( 1.98 %)
NORTHERN ROCK ( 11:35am )
182.00
+19.04 ( 11.20 %)
REED ELSEVIER ( 11:35am )
457.25
+17.25 ( 3.89 %)
CARNIVAL ( 11:35am )
1625.00
+15.00 ( 0.93 %)
IMPERIAL TOBACCO ( 11:38am )
1579.21
+14.21 ( 0.91 %)

SYMBOL ( 2009-07-02 )
LAST
CHANGE
AMERICAN INTERNATIONAL GROUP INC ( 4:15pm )
18.25
+0.17 ( 0.95 %)
GENERAL MOTORS ( 3:39pm )
0.80
+0.05 ( 9.80 %)
CITIGROUP INC ( 4:17pm )
2.88
-0.09 ( -3.06 %)
COCA COLA CO ( 4:16pm )
48.88
-0.30 ( -0.62 %)
INTEL CP ( 4:00pm )
16.72
-0.32 ( -1.90 %)

SYMBOL ( 2009-07-02 )
LAST
CHANGE
ISRAMCO INC ( 4:00pm )
120.25
+5.26 ( 4.57 %)
NOBILITY HOMES INC ( 3:58pm )
11.44
+3.14 ( 38.06 %)
NOVATEL INC ( 3:26pm )
38.80
+2.76 ( 7.65 %)
COMM BANCORP INC ( 9:34am )
40.00
+2.75 ( 6.88 %)
VERTICALNET INC ( 1:22pm )
7.10
+2.14 ( 40.76 %)

Gainers & Losers
Dow Jones
Euro Stoxx 50
FTSE 100
FTSE 250
FTSE AIM
FTSE ALL
Nasdaq

 Portfolio Manager

You must log in to access this area of the site. If you are not a registered user click here to sign up for instant access!


 Finance Explained

Money making ideas

Save money

Money management
Savings accounts
Investing money
Share dealing
Stock broker
Forex currency trading
Pension plans
Functions of Money

(c) 2007 ABCmoney.co.uk, All Rights Reserved
*ABCMoney.co.uk does not guarantee the accuracy of any share prices or stock quotations displayed. These are not real time quotes; all are delayed by at least twenty minutes and are for information purposes only.