Paypass And Go
WE have already seen that the humble chequebook is about to get the heave-ho, but now it appears that even the existence of cash is under threat.
A new swipe-and-go pay card called Paypass, which is being introduced in September, will allow shoppers to pay for their goods (under £10 pounds) by simply tapping the card on an oval pad. With no need to enter a PIN number or give a signature, the system is set to significantly cut queues.
The system will also be added to new bank and credit cards when they expire but with the new Paypass system coming only four years after shops and restaurants had to pay for chip and pin, independent business could now have to spend over £15 million (or £50 each) to get an upgrade.
Does this mean that beggars will have to upgrade their outstretched hands too?
Posted: 8th, May 2007 | In: Money Comment | TrackBack | Permalink
