26 October 2014

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Paul Penrose - Finextra

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Futuristic Banking

Stuff that's out there in the way out and beyond in banking.
A post relating to this item from Finextra:

Barclaycard chief predicts death of plastic cards

09 September 2008  |  18007 views  |  0
Plastic cards could be set to go the way of cheques and become virtually obsolete as customers take up mobile and biometric systems to pay for purchases, according to Barclaycard which is ramping up i...

The contactless wristband

09 September 2008  |  4797 views  |  3

Antony Jenkins, CEO of Barclaycard says contactless chips have huge untapped capability, but the plastic around the chip limits its potential.

"Take the plastic away and the possibilities are endless, allowing the customer to pay by using something that they are already carrying, be it a mobile, key fob or even via biometrics," he says.

For an idea of how this might work in action, check out this YouTube video which shows how to remove the chip from an Oyster travel card and then re-attach it to anything you want - in this case a wristband.

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Comments: (4)

Amit Sharma - Emotion Associates - Nottingham | 09 September, 2008, 13:16

There are also the trials that Altair have run with contactless wristwatches - http://www.finextra.com/fullstory.asp?id=18654

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Dean Procter - Transinteract - Sydney | 10 September, 2008, 08:45

I for one am not surprised by this view. Mobiles are it.

I'm not so sure about NFC though.

The strap-on or on-strap solution where a chip/card is attached the phone may have an issue where one needs replacing, be it the chip or the phone, they both go. While I can see the thought process in the 'stick it on' approach, I somehow don't think that's what people have in mind for their cellphones. Would it be possible to remove a stick-on...?

It remains to seen how reader penetration proceeds and compatibility or security issues develop. Overall, I'm dubious about readers.

Consumers may just be moving towards more privacy and security, and any system will have to deliver vast improvements in these areas. Why - because we can.

The strap-on chip or chip-on-strap seems like a short term solution to leverage the value in those existing investments in readers. i.e, a step back to go forward?

Ultimately banks should find mobile transactions as much a liberating experience as it will be for consumers. We'll be trying to make it so.

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Grant McNicoll - - - Dundee | 10 September, 2008, 09:37

... "remove the chip from an Oyster travel card and then re-attach it to anything you want" ..........   what about the antenna ??.  It won't work too well without it. 

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Paul Penrose - Finextra - London | 10 September, 2008, 10:03

Cehck out the video. The antenna is looped around to fit the wristband.

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