Tuesday, November 9, 2010

Britain closer to cashless society

NEW YORK - MAY 20:  In this photo illustration...Image by Getty Images via @daylifehttp://itn.co.uk/780db8f883f8ea2f85bfbc053ebf5721.html
New credit cards with 'contactless' technology are being rolled out to millions of credit card users, a sign that cash could one day become a thing of the past.

The new technology on the cards allow users to simply 'tap' their credit cards over a payment terminal for purchases under £15 - without the need for inserting their PIN number - saving time with every purchase.

MBNA, Europe's largest credit card lender, is beginning a programme to roll out contactless credit cards for its millions of UK customers.

It will mean 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.

Research has shown that two thirds of people believe that in the future we will be able to purchase goods by fingerprint recognition, and a third think we will pay by having our retina scanned.
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