Barclays bank is leading the way with the contactless payment along with Pin it App, Quick tap Phones and now come this... the "Barclaycard PayTag".
The UK (United Kingdom) banking giants, Barclays bank has introduced a contactless payment sticker called Barclaycard PayTag, which its hope will be the first-mover advantage in its quests to lead innovations and dominate the world of consumer contactless touch transaction.
By simply being the first to enter the new contactless smart card market, barclays bank pay tag hope the business gains an advantage over its actual and potential rivals such as NatWest, HSBC, RBS, Nationwide, Halifax and many more.
What is Paytag?
Paytag is a new form of NFC (near field communication) contactless payment phones. Pay tag can be "suck & stick" to any mobile phone, this includes but is not limited to your old Nokia 8310 mobile phone. Perhaps you may think barclaycard paytag not for me.
Currently, only small number mobile handsets do support NFC payment terminals.
Some of Barclay's Visa cardholder's customer has the opportunity to turn their smart phone handset into their own digital wallet (A digital wallet is an electronic device that allows an individual customer to make electronic commerce transactions) with the barclays bank paytag sticker.
At no extra cost to barclays bank customer, the Paytag sticker can be attached to the back of any smartphone allowing the individual users to make tap-to-pay purchases up to a proposed value of low £20/ €25/ $30 at a variety of contactless retailers including for example in UK...EAT, Boots, Tesco, McDonalds and Waitrose.
CommBank PayTag Sticker
Just 3 years ago 88% of CommBank Online customers used their PC (personal computers) for everyday banking. Today, Mobile Banking is the norm, making it 56% of daily LOGONS.
Commbank continue to drive the evolution of mobile banking by responding to customer demands for simple, convenient and secure everyday banking solutions. And today we're transforming the way our customers banking On the Go.
Introducing an enhanced Commbank App and incorporating the most popular features and functionalities of existing Commbank app.
The new commbank app will give all customers ACCESS TO THE VERY BEST Mobile Banking and Payment options, all in one place. It will effectively, turning their smartphones into eWallet, including ATM locator, Quick transfers and Friend payments.
For example, you can check your balance with a simple swipe, quick access by PIN, Paying a Friend using their mobile, Email or Facebook contact and paying a bill using QR Code.
The Commbank PayTag Smart stickers (or NFC stickers) for iPhone & Android devices are activated through the CommBank Android and iOS apps, from where commonwealth bank cards customers can turn "on and off" - the contactless functionality and choose which account to pay from.
Benefits of Mobile Payments
According barclays bank, the Paytag sticker (or barclaycard paytag sticker) will come with 100% guarantee fraud protection just like any of their standard debit or credit Barclays.
New Zealand bank Westpac NZ join the race to provide NFC stickers that can be attached to phones for contactless payments as they offer free of charge PayTags.
Banks online customers attach the sticker to the back of their mobile handset and can make payments at any contactless Electronic Funds Transfer at Point-of-Sale (EFT POS) terminal by tapping their phone.