New ‘wave and pay’ payment method unveiled

A new system of paying for goods with a debit or credit card has been unveiled by Visa.

By waving the card over a scanner, consumers can pay for goods of up to £10 with the system, which is aimed at reducing the time taken by consumers at the checkout.

Typically, low-cost purchases such as a newspaper or pint of milk could be bought using this method, which has been compared by creditcards-gb.co.uk to London’s Oyster travel card system.

The new method of payment, which would debit the customer’s account when then card is waved over the scanner, is expected to be introduced by the end of next year.

And Sandra Alzetta of Visa Europe said that the system could promote the use of card payments as opposed to cash.

“With over 75 per cent 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,” she remarked.

In related news, credit reference agency Callcredit recently discovered that although spending is likely to increase this Christmas, only one in ten shoppers plan to fund the festive season via credit.

© Adfero Ltd

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