Thrifty Loans

Already in Japan, it was only a matter of time before the first contact-less credit cards were introduced into the UK. It is Barclaycard that are first set to introduce these cards and they are set to revolutionise the way in which we pay for smaller purchases.

Imagine the next time that you want to pay for the local or national paper. Instead of having to search through your pockets for loose change, all you have to do is place your credit card in front of a secure reader and that is that. The queues will no longer be an issue so if you are in a hurry you will no longer be held up as much as usual.

So how exactly is this new payment safe? Well you still have to sign a receipt or enter a code but it is still a lot quicker than usual. There will no longer be a lot of loose change in your pocket and you will be able to use the cards in virtually all high street stores.

It is thought that by the end of the year there will be more than five million of these cards in use but to start with they are only being introduced in certain parts of London. It is also thought that the cards will be able to be used for taxis, vending machines and even pubs and restaurants. It would certainly be a lot more convenient but the focus is on smaller payments which are £10 and under.

There is still a slight worry that the cards will not be safe enough to use. After all we currently have a chip and pin system in the UK and whilst it has cut down a lot of credit card fraud, there is still quite a lot of fraud which still continues and this new card could make things potentially worse again.

Overall there are disadvantages and advantages to the new credit cards and only time will tell if they really will be a blessing or a curse.