BarclayCard Contactless Payments
Barclay bank has put its Future Money on contactless innovation - This has paid off for barclaycard!
Contactless was introduced in September 2007 and since then we've seen a number of retailers adopt the technology and a lot of consumers are now starting to use contactless and really value it.
In fact, within global payment acceptance, we've seen transactions increased enormously year-to-year. So we can see that more and more retailers and consumers are really starting to understand how contactless is just the easiest way to pay.
Barclaycard as an issuer is doing a huge amount to help contactless grow across the country.
So, for example, all consumer Barclaycards and Barclays debit cards are now contactless-enabled, and barclaycards also enabled over millions mobile phones to make contactless payments.
With the rise of contactless technology, mobile apps, tokens and Bitcoin the way that society exchanges value is rapidly changing.
This means that barclaycard contactless payment investments is justified - the future for consumers?
BarclayCard are offering contactless services such as ... for merchants of all sizes to justify investment of Pingit app or Point-of-Sale (POS) technology.
Barclays in United Kingdom (UK), perhaps may be considered as the leaders in the contactless payment market has invested heavily in contactless payments and needs to justify this with take-up.
How to take barclaycard mobile contactless payments mainstream and generate meaningful uptake to justify technology and infrastructure investment
Some big banks views the large legacy tech estates and the big maintenance spend of the more established banks as a constraint on innovation. Is this true?
Established banks in the industry are struggling to engage with retail banking customers and increasingly challenged by a raft of new competitors.
You can see some banks now introduce a job title like... "director of innovation and digital development" or "digital champions" or even "Digital Eagles" - a new buzz words in helping banking industry to boost their tech skills.
Banks are taking innovation seriously but it's a very very difficult thing to do, within their constraints.
Banks aren't tech firms - despite endless protestations to the contrary - but they can introduce proven, tested new money and service propositions.
Barclays and its network of digital eagles has won plaudits for its commitment to innovation, launching its own accelerator programme and mimicking the startup culture internally to introduce a raft of mobile innovations based around its Pingit app.
Soon! There will be more innovation aims to deploy "bio-pay" authentication and payment options, using "facial, voice and eye biometric recognition technology".
Barclaycard has introduce a cultural mindset shift - This is in order to be supportive of innovation.
When assessing any new fintech startup - It is always a good idea to ask...
- How can we add value to the fintech startup themselves?
- How can we add value to the customer?
- How can we add value to the bank?
Those are the three key questions.
This allows you to build an appropriate relationships with Fintech startups, getting authentication right especially with Biometrics, lobbying to maintain a level regulatory playing field.
Either startups, big banks or online only banks, properly patching antiquated bits of the IT systems with the shiny new bits - these are just some of the things on the minds of the big banks just now.
Even though, some big banks want a level playing field potholed with regulations onerous enough to trip up and cripple a small fintech startup but for the big lads are a familiar landscape they can continue lumbering over.
Barclaycard Customer Experience
Improving customer experience is the best strategy to deflect competition from non-bank players.
While barclaycard contactless card investments in improving front office customer experience have expanded banks' offerings, middle and back office transformation has been plagued by under-investment and will be the key to resolving disjointed customer experiences and improving longer term loyalty rates.
Barclaycard Enabling Contactless Payments
- Merchants will require new solutions
- Some of the target segments do not currently accept cards
- Need to educate customers
- New markets for equipment vendors
- Some of the target segments do not currently accept cards
- Acquirers must develop their systems to identify and process contactless payments
- Largest 2 acquirers speaking today
- Card Issuers must lots of cards
- 2 major card issuers speaking today
Success built on lots of places to spend and lots of people to makes contactless transactions all in the same place.
Barclays actively working with Visa and MasterCard to ensure that we can bring all participants together
In research merchants articulated several benefits, but also raised some concerns.
Contactless Credit Card Advantages:-
- Carry less cash
- Ease of use
- Easy to set up
- Faster transactions and shorter queues
- Greater accuracy at till
- Increased payment security
- Integrated system offers various payment options
- Less need to go to bank
- Lower bank charges
- More customers/customers spend more
- Speed of transaction / moving customers through
- Transaction data available instantly
Contactless Credit Card Disadvantages
- Potential fraud
Barclaycard Business' Go To Market Plan Contactless Payments
Contactless Payments Barclaycard are about targeting cash payments and these are focussed in a number of key sectors.
- Focus on key sectors
- Focus on key retailers with brand, scale, and cardholder appeal
- Relationship managed or face to face sell
- Industry launch area with hubs
- Expand across London
- Expand to other UK cities
The future of contactless technology looks incredibly exciting, and making payments via mobile phones.
Right now lots of customers in the UK can swipe their mobile phones over contactless terminals to pay for items, thanks to barclaycard.
More retailers need to take the plunge and sign up to contactless technology, which will in turn encourage more consumers to use contactless in their everyday lives.
Is there a daily limit for Barclaycard contactless payments?
There is no daily limit on barclaycard contactless payments, however there is a limit of £20 or €25 or $30 per transaction and you need to have sufficient funds on your account to cover the cost of your purchase.
Mind the tap at underground tube. London commuters can now skip queues and use their Barclaycard contactless card to tap and go on the city's transport network.
Barclaycard, part of Barclays Retail and Business Banking, is a global payment business. Barclaycard is a trading name of Barclays Bank PLC. The corporate site for Barclaycard the leading credit card issuer in the UK.
Barclaycard - Credit card company - Use of contactless cards to enable low value payments (cash substitution). The technology works well and is reliable. Most Barclaycard users perceive contactless to be faster and easier than cash.