CREDIT CARDS
Contactless MBNA Credit Cards Launched
Europe’s largest credit card lender, MBNA, has started its two-year programme to distribute contactless credit cards.
The aim is for more than five million MBNA customers to be able to have a swipe and go credit card or debit card by the end of 2011.
There are currently around ten million contactless enabled credit and debit cards already in the UK market which is expected to rise to 25 million by the end of the MBNA programme.
“With this two-year roll out of new and replacement contactless enabled cards we are reinforcing our support for the evolution of contactless technology in the UK,” said Ian O’Doherty, Bank of America’s Europe Card executive.
“We are committed to offering simplicity, added value and choice in all of our products and services.”
All new and replacement MBNA credit cards will be compliant with the simple-to-use payment function so customers only need to touch the card at the payment terminals without needing to enter the PIN.
A recent survey by MBNA of more than 1,000 credit card users revealed the public is positive about the up and coming technology. An impressive 80 percent agreed it would help save time in ques.
A further 69 percent believe the emerging technology will make their lives easier, 78 believe it will benefit business and 63.5 percent consumers.
The security on the cards will mean the card will not be activated until a PIN is entered on its first use and payments are limited up to £15 per transaction while customers will occasionally be asked to enter their PIN to ensure it is in the right hands.
Prepaid Cards
As the contactless credit cards can only be used for transactions up to £15 at a time it is hoped this will aid budgeting as people will not be able to spend more than they had planned.
Another way to monitor your spending is through the use of a prepaid card where a customer loads money onto it using only the funds they have transferred.
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