Next Big Thing: Contactless cash cards

For coins and notes, it could be the beginning of the end. This autumn high-street banks will issue credit and debit cards with a new contactless payment facility, allowing cardholders to pay for items under £10 by simply swiping the cards over a reader.


For coins and notes, it could be the beginning of the end. This autumn high-street banks will issue credit and debit cards with a new contactless payment facility, allowing cardholders to pay for items under £10 by simply swiping the cards over a reader.

For coins and notes, it could be the beginning of the end. This autumn high-street banks will issue credit and debit cards with a new contactless payment facility, allowing cardholders to pay for items under £10 by simply swiping the cards over a reader.

The big four high-street banks plus will issue the new cards as old ones reach their expiry date. To try and trump the others, Barclay’s version will also act as an Oyster card, allowing Londoners to pass through barriers at tube stations.

There are concerns, however – and it’s not surprising to find them raised by Ron Delnevo, managing director of ATM operator Bank Machine. According to Delnevo, users of the new contactless cards are likely to be asked to enter their PIN every ten to 15 transactions – which he says is not enough.

‘Sadly, we live in a society where thieves are prepared to carry out violent attacks to obtain items of small value,’ he comments. ‘The card issuers have come up with a scheme that allows every thief access to £100 to £150.’

Marc Barber

Raven Connelly

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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