PayTag Do You Know What It Is?
Do You Know What Pay Tag Is?
Pay Tag is a new mobile phone device for small payments that would do away with small change and banknotes. Is this bad news for spending habits?
The end of the cash economy is getting nearer. Millions of Barclaycard Visa cardholders are about to find they can make “contactless” payments of up to £15 (and from June, £20) by means of a sticker called a PayTag on the back of their mobile phones, which will only have to be waved over a reader device without need of a signature or a PIN.
Technophobia can be irrational, and is overcome by familiarity: some of us resisted hole-in-the-wall cash dispensers long after they were introduced, on the grounds that PIN numbers were hard to remember, the machines were in exposed places and often out of order, and we preferred to be handed cash by a polite cashier who addressed us by name. But the technology became more reliable, PINs and passwords became basic tools of existence, and we realised that bank staff no longer knew or cared who we were. So the ATM became part of everyday life.
They say it will stop muggings but won’t we then be targets for mobile phone mugging?
And will we spend more? Now if you go in a shop and only have £5 then you can’t spend more than that but if you just have to wave your phone at the till then surely you’re going to spend more, the lunch that you usually buy for £3.50 will suddenly go up to £5.00 with a wave of your phone.
And that’s probably the way it will be, in five years time, contactless transactions will have largely replaced the regular visit to the ATM. The need for notes and coins will gradually diminish, and we will begin to forget why we ever felt emotionally attached to the idea of them in the first place.
“So do you think PayTag is a good idea” asks Greengates Builders Merchants Accrington, Lancashire.