Technology has revolutionized the world in several ways. New and innovative systems are thronging the marketplace, with every person wanting to own the latest gadget. One such technology that everyone is talking about today is wearables. Wearable technology incorporates computers and other advanced technologies thereby seamlessly getting integrated to everyday life. Wearables find abundant application in the medical industry; but off late they are also being rampantly used for personal and business reasons thereby augmenting their popularity. Riding on this wave of innovation is the financial major Barclays; it has launched a state-of-the-art wearable device called the bPay band through which people can pay for goods and services effortlessly.
Features of bPay Band
With Barclays’ bPay band, people can now experience a whole new world of cashless payment. It replaces the conventional method of payments with plastic cards by facilitating contactless payment. The bPay band has made payments easy; people no longer have to swipe their card and type a 4-digit pin in order to make a transaction. Additionally, the bPay band is also very secure. It helps people overcome the fear of losing their wallet or cash/cards as it can be worn on the wrist for indefinite periods of time. The device acts as a virtual wallet that lets people pay by swiping their wristband over a terminal. They are waterproof and can be worn all day long. Barclays also offers the pPay device in the form of a fob that can be attached to a key ring and a sticker that can be stuck on the reverse side of a mobile phone; broadening the options for customers.
bPay contains a contactless payment chip that is connected to a pre-paid account that links to any Visa or MasterCard debit or credit card and can be used to pay for transactions. People can top the gadget in one go with an amount ranging from £5 to £200. bPay consists of a computer chip and a micro-aerial component that communicates with the cash terminal. Furthermore, it is also incorporated with additional information that might be required during the day; from gym membership details to details of one’s travel card.
The bPay band can be integrated with smart phones for instant connectivity. The bPay mobile app keeps track of all purchases and consists of an activity tracker that gives a holistic view of purchases made within a certain period. Customers can also top up their bPay device through their phone and update their account settings on the go.
As many locations are going contactless, bPay can be used at thousands of places; from shops to taxis, restaurants to cinema halls, football stadiums to supermarkets. bPay can be used for making purchase of any item below £20. The bPay wristband is fittingly priced at £24.99, the fob at £19.99 and the sticker at £14.99.
Currently, bPay has been made available only in the UK. People who own a Visa or MasterCard registered on a UK address can only purchase the device. However, the company is looking to release the product in other countries too. Online sale for the product has begun from July 2015. And Barclays is looking to make the bPay available in shops from August 2015.
The Future Ahead
With wearables being a buzzword in the technology space, bPay is sure to have a bright future. In order make bPay more than just a medium for payment, Barclays is looking to incorporate various other features like carrying out social media check-ins, managing loyalty cards etc. and is in the process of tying up with retailers and consumers in order to accelerate the sale of this technology.
With the advent of plastic money and now wearable payment devices, the banking industry is looking to do away with cash payments. With numerous benefits like speed, efficiency and security, bPay is set to become a popular means for making payments across the globe.