I read recently that if you are attending this year’s Wireless Festival in London you will be able to pay for food, drinks and merchandise with just a swipe of your wristband! Amazing! This is thanks to the same technology that powers contactless debit cards and mobile phones.
Barclaycard are sponsoring the event and they will be issuing the PayBand, which can be loaded with money from your bank account at various points around the festival and it is hoped that this will be quicker and more secure than festival goers withdrawing cash from an ATM and carrying it with them.
The wristbands can be loaded with up to £250 and each payment will be limited to £20 per transaction. No PIN is required meaning making a payment will be quicker than the chip and PIN system.
Whilst this sounds very advanced and cutting edge and will undoubtedly be super-fast and efficient it did make me ask the question regarding the security of such a device? Personally speaking I am quite traditional and security conscious when it comes to my banking, it took me a long time to trust chip and pin! I’m not sure I would be happy to pay for my drinks by swiping my wristband.
Is having the technology to use our mobile phones and other devices to make payments or transfer money, without using a pin code, compromising our security? Would you feel comfortable paying for something in this way? Have you already used Barclays ‘Ping it’ for example?
I’m really interested to get your feedback on this.
Helen Storey is the Managing Consultant for BrightPool.