Barclaycard bPay wearables expand contactless payments beyond traditional cards by giving consumers several different ways to make tap-and-go purchases. The new lineup includes a wristband, key fob, and NFC sticker, each linked to a prepaid account that consumers can fund using their preferred payment source.
The products also give Barclaycard greater control over its role in mobile and contactless payments. Rather than relying on payment platforms developed by Apple, Google, Samsung, or other technology companies, Barclaycard can maintain its own branded payment experience while giving consumers another alternative for making everyday contactless transactions.
It was announced today that Barclays is introducing a wristband, a key fob and an NFC sticker under the branding of “bPay” to provide the convenience of contactless payments:
Barclaycard has long supported contactless technology, via its PayTag NFC sticker or bPay bracelet, but the credit card provider recently pulled the products and warned that something new was coming. Indeed, Barclaycard is back with three “new” wearable bPay payment devices: a wristband, fob and sticker.
Barclaycard Maintains Control of the Payment Experience
It seems rather old school at first. The funding mechanism is a prepaid card. The bracelet and fob are just one more thing to remember to carry, plus the sticker seems somehow less secure. What happens when Apple Pay hits the UK market? Would one wear their bPay bracelet on one arm and ApplePay enabled watch on the other? But there are some really interesting elements here too. Barclay retains its brand on all forms of payment, it doesn’t have to play by Apple, Google, Samsung’s or other providers’ parameters, plus the consumer chooses which source to use to load funds onto their bPay device without having to provision more than one payment card onto the chip.
Consumers Pay for the Convenience of bPay Wearables
Convenience does come at a cost, however:
All three devices will go on sale via the bPay website from July 1st. It’ll cost £14.99 for the sticker, £19.99 for the fob and £24.99 for the band.
The arrival of Barclaycard bPay wearables illustrates the growing variety of devices competing to become part of the contactless payment experience. A wristband or key fob may appeal to consumers who want to make purchases without carrying a wallet or reaching for a smartphone, while the NFC sticker provides another way to add payment functionality to an existing device.
The larger question is whether consumers will see enough value in dedicated payment wearables as smartphone-based wallets and payment-enabled watches become more widely available. Barclaycard’s approach nevertheless offers an important advantage: it retains its brand and direct relationship with customers rather than becoming simply a card inside another company’s digital wallet. How consumers balance that flexibility against the additional cost and inconvenience of carrying another device will help determine the future of Barclaycard bPay wearables.
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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