CREDIT CARDS
Virgin Credit Cards Join Tap and Go
Virgin Money has announced it will introduce contactless credit cards enabling customers to pay for items by simply swiping their plastic without the need for chip and pin.
Available on a number of their cards Virgin Money has launched the new technology leaving customers to pay for items worth up to £15.
Ahead of major expansion across the UK, initial retailers offering the payment service include Boots, Little Chef and the Co-Op.
“Contactless payment is fast, secure and convenient enabling customers to cut down time queuing,” said Virgin Money’s Grant Bather.
One in five of Virgin Money’s credit and debit cards will be enabled for tap and go by the end of the year.
Customers are required to make an initial CHIP and PIN transaction in order to activate the technology while the cards can be used as normal if a retailer does not have the contactless terminals.
A study by YouGov4 on behalf of MasterCard revealed 53 percent of UK consumers surveyed welcomed the introduction of contactless technology.
Younger people were particularly quick to embrace the change as 60 percent of under-25s said they would use it more often than cash, while 38 percent of UK consumers expect to use cash less in total- 43 percent of men and 41 percent of Londoners.
However, 34 percent were worried about theft and 33 percent about losing the card for most frequent concerns.
Prepaid Debit Cards
While the range of cards included in the tap and go technology has not been fully announced, prepaid cards are sure to be included at some point making them an even easier and convenient way of making purchases.
A prepaid debit card enables users to load money onto the card and then use instead of a credit card to pay for items in shops. It is a good way to help budget and is more convenient and safe than carrying around cash.
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