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News - 15 September 2007
|PayPass cashless card system|
Final step toward a cashless society
The introduction of a new card to purchase items under £10 could be the final step toward a totally cashless society. The card has been launched in London where 1,000 retailers have signed up to the system provided by MasterCard.
MasterCard claims that its system PayPass is secure and will speed up transactions at the checkout. The card is described as a contactless payment device meaning that customers simply pass the card across a reader at the checkout without entering a PIN.
Other providers are also planning to introduce similar systems. In fact Barclay Card has already announced its intention to launch OnePulse. And it is anticipated that by the end of 2008 some 100,000 shops will be accepting these cards.
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