Prepaid cards to join the contactless world
Prepaid cards may soon be following in the footsteps of the latest credit and debit cards by enabling ‘contactless’ payments.
But instead of holding a card to a reader in a shop this new technology would allow customers to pay using their mobile phones.
Industry experts are planning to test 'SideTap', a payment component which can be installed into handsets’ memory slots. They believe that the technology could soon help consumers to pay for goods and services in shops.
The card itself is capable of storing financial information and hold identity details from a number of sources. The trials will also test the security of the contactless system.
The move is seen as a boost in the growing popularity of the prepaid card market, which offers the benefits of plastic but without the risk of incurring penalties and charges.