Following their launch in the autumn of 2007, tap and go cards are apparently proving very popular in London amongst both consumers and retailers. The general opinion seems to be that these cards save time, increase ease and convenience, and provide security, as no cash has to be carried around. The cards enable consumers to pay for anything up to the value of £10 at participating retailers and companies by using the card. No signature or Pin number is required, and the card simply needs to be swiped over a special reader that participating retailers and firms will have to have installed.

The cards are being trialled in the London area, and if they do continue to enjoy success and popularity they will be introduced across other parts of the country over the next couple of years. A wide range of companies and retailers are able to accept tap and go cards, including pubs, eateries, taxi firms, shops, and more. One London resident who uses her tap and go card regularly stated: ‘So far I’ve found it quick and easy. I like the convenience of using the card.’

Retailers are also finding the cards convenient, as they help to save time and increase both custom and ease. One shopkeeper from the area stated: ‘We do three-quarters of our business between 12pm and 2pm. Anything we can do to help the queue move forward quickly helps us and our customers.’ She added that customers no longer had to worry about finding change when they wanted to make smaller purchases. The cards are simple to use, and once the customer has scanned the card over the reader the money is debited from the account right away.

Recent additions:

• Struggling borrowers need to ask banks for help
• Decrease in capped balance transfer cards
• OFT to launch website to compare credit cards
• Campaign to get firms to help employees manage their finances