We have all seen the Barclays adverts involving a man travelling around on a water slide and roller coaster and simply waving his card on a reader to pay for items, instead of punching in a four digit number.
Well from today, the limit on transactions made using the contactless technology will rise from £15 to £20. This may not sound like a significant leap, but it could make the difference between a fast transfer or a wait for the machine to contact the bank, authorise the pin code and print the receipt.
Many commercial properties, including WH Smiths already have the technology to accept payments with just a wave, but the Post Office is planning to equip all of their 30,000 commercial properties with the technology. 200 branches in London will adopt the wave payment terminals from Wednesday of next week, with the remaining UK branches being updated by October.
Purchases of £20 or under will be accepted at the new payment terminals. However, anything involving cash, such as withdrawals, deposits and bureau de change transactions will not be accepted using this payment method. Traditional chip and pin or cash will be needed to pay for those items.
Speaking of the technology, Lesley Sewell, Chief Information Officer at the Post Office, said: “We are delighted to be delivering cutting-edge technology through the Post Office network. Contactless will bring huge benefits to our customers by reducing transaction times.
“Over the next few years, many Post Office branches will be transformed, becoming more customer focused, opening for longer and providing services in a convenient and efficient manner.”
Have you paid for any purchases in commercial properties using the wave and pay technology? Do you think it is safe not having to use a pin?
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