This blog post is written by Michael Scanlan, a member of the Fintech team
Remember the guy commuting by waterslide to a soundtrack of the laid back country rock of the Bellamy Brothers’ ‘Just let your love flow’. He swooshed through supermarkets and shops and every time he wanted to pay for something he tapped his Barclaycard on a reader and off he went on his aquatic way with his no doubt soggy groceries.
What a marvel! Paying with card without your PIN? Tapping to pay? That’s the future right there!
Unfortunately, this future has failed to materialise. When I’m commuting home tonight, I’ll pass by more than a handful of retailers. And, to the best of my knowledge, only one of them, a purveyor of ready-to-eat sarnies, accepts contactless cards.
NFC is being positioned by the payments industry as the next step. No longer do you need a card. Your wallet is your phone. Touch your phone to the reader and pay. Read more