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Secure Transactions News

PayPass launched in London

Thursday 13 September 2007

Now, customers are able to use PayPass cards to pay for low value purchases under GBP 10 (EUR 14.70) at outlets in the City and Canary Wharf, including McDonalds, Eat, Coffee Republic, Yo!Sushi, Krispy Kreme, Books Etc, Threshers and the Science Museum.

Last week Royal Bank of Scotland officially launched its contactless card payment scheme - which features the PayPass technology - at a McDonald's drive-thru in London. Already twelve London restaurants will be accepting contactless card payments by the beginning of October 2007. RBS has also signed up other retailers such as the wine store chain Oddbins and cafes, delis, pharmacies, bars and sandwich shops to accept RBS MasterCard PayPass from September 2007.

Citi, Bank of Scotland, Halifax, HSBC, Lloyds TSB and payment processor Euroconex Technologies are also expected to introduce the technology later this year. PayPass is already used in 19 countries, including the US, which is the biggest, and has 16 million users overall.

Some critics have highlighted security concerns, quickly dismissed by Mastercard head of strategy and business Oliver Steeley: " safeguards are in place to prevent fraudulent use of contactless debit and credit cards. For instance, users still need to enter their Pin number after a certain amount of consecutive transactions" he said.

Very soon, Barclaycard is set to introduce its contactless three-in-one card - which features Visa's 'wave and pay' contactless payment technology, Oyster travel card functionality and a standard chip and PIN payment system.

APACS, the British Payment Association, estimates that over five million contactless cards will have been issued by the end of 2008 and that they will be accepted in at least 100,000 merchants across the country. The global objective is for ‘Tap & Go’ contactless payments to become the next major step in the development of card payment solutions which effectively replace the use of cash in every day low value transactions.