Barclaycard and Oyster to roll out 'wave and pay' cards
Barclaycard has scheduled September for the launch of its cards embedded with Transport for London's (TfL) Oyster card functionality following the completion of a successful trial.
Last December, the credit card company signed a three-year deal with TranSys, which runs TfL's Oyster travel card system, for a combined card. It will handle contactless payments for low value transactions and act as a chip and pin card with Oyster travel card functionality.
The contactless capability, known as 'wave and pay', will be aimed at purchases from places such as retail outlets and features similar security to chip and pin.
Libby Chambers, Chief Marketing Officer at Barclaycard, said the card could dramatically speed up the way users pay for everyday goods, with the security and flexibility of a full service credit card.
"Merchants are excited about the way it can help them serve busy Londoners by shortening waiting time at the till. This product is really consumer-oriented and timely, and we look forward to launching it with our partners at TfL and Transys". she said.