As near field communication (NFC) continues to gain momentum, Barclaycard have launched a new product.
The Barclaycard PayTag is one third of the size of a normal credit card and has an adhesive substance on its opposite side which UK customers can use to attach it to their mobile phones.
It then enables customers to spend up to £15 at NFC enabled stores, without having to enter a Pin number, by simply waving their device over a contactless terminal.
Each payment made via this service is then outlined on a customer’s monthly statement.
Whilst the current maximum level of credit is £15, this amount is set to rise to £20 in June of this year.
High street chains including Tesco, Boots, Pret a Manger and Eat all accept contactless payments with more retailers expected to join the scheme in the near future.
So far, Barclaycard PayTag is available to UK customers who use a certain range of Orange mobile phones but is set to become more widespread.
However, some critics have raised concerns that this type of product will encourage mobile phone theft and fraudulent transactions.
As this system is designed for every day purchases and not high value transactions, Barclaycard and other banks have promised that refunds will be made swiftly and without question.