Visa to introduce 'wave and pay' system in Britain |
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Published
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Fri, 24 Nov 2006 11:00
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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."
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