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Barclaycard PayTag sticker enables contactless payments on any phone

first_imgOne of the latest features a number of new smartphones carry is the ability to use them as a contactless payment device. This is made possible by the inclusion of near-field communications (NFC), which allows for secure communication between devices at very short range. The advantage being, you can leave your credit card in your pocket and don’t have to touch anything.The only issue with contactless payment systems is that you require a compatible device, which usually means upgrading your handset or having a new credit card. However, Barclaycard has just launched a new system that allows any phone to be used to make such payments.The system is called PayTag, and provides each user with a small credit card (around a third of the size of a standard card) that sticks to the back of your phone or wallet. You can then hold your phone over a contactless terminal and the stick-on card will be recognized for payment.For the moment, PayTag looks to be limited to the UK and has a transaction limit of £15 imposed ($24) (rising to £20 ($32) in June). It’s not a high limit, but it’s enough to pay for your coffee in the morning, and means less worry about your bank account being emptied if your phone gets stolen.Barclaycard is offering the card completely free to customers, so it doesn’t cost anything to try it out. And if you are worried about security then Barclaycard seems to have thought of that too. If several contactless payments are made in quick succession then you will be asked for your PIN. If your phone gets stolen, Barclaycard has promised to refund any fraudulent transactions.By introducing PayTag Barclaycard is fixing a temporary problem. Contactless payment terminals are starting to appear in more stores, but without a large user base to take advantage of them it may not seem like a wise investment for smaller retailers. However, if you allow millions of customers without the required hardware to easily start using such a payment method, it instantly becomes a more cost effective solution to adopt.Read more at Barclays, via BBC Newslast_img read more