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Are the days of credit and debit cards over? It seems so. A wristband that allows wearers to pay with just a tap is being launched in the UK by Barclays, the British multinational banking and financial services company. It is offering a wristband that people can use for contactless payments. The bank’s Barclaycard division plans to roll out its bPay band at sponsored events this year ahead of a wider launch in 2015.
How the device works? It actually uses the contactless payment technology used in Barclays’ credit and debit cards, which lets users make payments by scanning them against terminals.
A user can add money to their bPay band using their Visa or MasterCard credit or debit card. The money can then be spent on small purchases up to a single transaction value of 20 pounds (around $34) by swiping the bands over a terminal.
Barclaycard plans to make the bands free of charge and will allow them to be used by the majority of UK card users, not just its own customers.