HSBC launches contactless debit cards

Mozo

Friday 11 May 2012

The rapid emergence of contactless payment systems continues to gather steam – with HSBC the latest major bank to embrace the concept of cashless transactions.

A number of credit card providers have launched products that can be used to pay for goods without entering PIN numbers.

The cards are simply held against a point-of-sale scanner and the payment is automatically made.

HSBC has announced that its new line of debit cards will contain contactless technology and they will be issued in the UK at first. They are aimed at smaller purchases and the limit for contactless transactions will be £20 ($32) as of June 1st.

The company's head of cards Barnaby Jenkins said the products are just as safe to use as more traditional payment methods and they are a lot more convenient than the chip and PIN systems that are currently used around the world.

"Contactless technology is an efficient and secure way for customers to pay for goods, with a clear time saving advantage over alternative forms of payment," he remarked.

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HSBC launches contactless debit cards

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