Beginning of the end for cash in our wallets?

Wed.03.Nov.2010 GMT

New credit cards with ‘contactless’ technology are being rolled out to millions of credit card users, which could herald the beginning of the end for cash in our wallets and pockets.

The new cards allow users to simply ‘tap’ their credit cards over a payment terminal for purchases under £15 and go – without the need for inserting their PIN number – saving time with every single purchase.

With nearly half (44%) of credit card customers frustrated about the amount of time it can take to complete a card, cheque or cash payment – and 43% who are fed up with carrying coins in our pockets or wallets, this innovation cannot come soon enough for the British public.

MBNA, Europe’s largest credit card lender, has begun a programme to roll out contactless credit cards to all of UK customers. More than five million MBNA-issued credit cards will have contactless technology by the end of 2011; adding to around ten million similar credit and debit cards already in the UK market. There are currently 27,000 contactless payment terminals in the UK – and this will increase dramatically over the coming months.

In this video, Jason Bradbury from the Gadget Show gives the new cards a trial and looks into the future of payments…

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