Thrifty Loans

Barclay’s new Oyster-style credit card was launched in London earlier this week. It enables customers to pay for small items by a simple swipe of the card over a reader.

The OnePulse card combines Oyster, credit and cashless facilities to become a three-in-one card. Goods under £10 can be paid for by swiping the card on a reader and the money is either added to their credit card bill or debited from their bank account. Larger purchases can be made using regular chip and pin technology, and the card can be used like an Oyster card on London’s buses or underground system.

Shashi Verma, Transport for London director of fares and ticketing, said: “Since its launch in 2003 the Oyster card has proven to be a huge success with over 10 million cards now in circulation. ‘This innovative partnership with Barclaycard is another way that Oyster technology can make life more convenient for Londoners, providing them with not only cheaper, easier and more convenient travel but also the ability to make low cost transactions on everyday items.”

The OnePulse was announced in July, and had over 4,000 enquiries. It has 0% interest on purchases for six months and a typical APR of 14.9%.

Barclays say that cardholders will be able to use the cashless facility at more and more retailer as the technology is rolled out across the capital in the coming months.

The spread of tap and go technology is increasing - earlier this month MasterCard launched its own PayPass card, which will be available through most of the major high street banks. Currently it is undergoing tests in London and will be rolled out nationwide from late 2007 into 2008.

In August Royal Bank of Scotland launched a similar touch-and-go payment card and customers can use this for purchases of up to £10 too.