New BPay Wearable Coming Out In UK

Barclaycard, a payment provider which develops wearable technology as a paying device, announced that it would replace its bPay prepaid wristband originally launched in June 2014 with a newer version. The second-generation bPay will provide new features with a redesigned online servicing and mobile app to download. The wristband, which can pay for everyday life essentials such as bus journeys, coffees, sandwiches or drinks, can be used in over 300,000 locations across the U.K. for up to £20. According to NFC World, the current 10,000 owners of the bPay will be offered the new wristband free of charge before it actually goes on sale.

The bPay wristband seeks to offer a new way of life where cash no longer exists. In June 2014, the bPay band was the first non-card payment used as a wearable product in the U.K. To pay for a purchase, the user simply touches a payment reader with the band which can be topped up via the website or debit/credit card. The bPay band is available to customers with any Visa or MasterCard debit or credit card and doesn’t require them to be existing Barclaycard customers.

Prior to the bPay band, Barclaycard launched the PayTag sticker in 2012, enabling customers to use the stickers at “contactless” terminals. According to the payment service’s website, more than 1 million PayTags have been issued to date.

Interest in wearable technology is growing, particularly following the recent launch of the Apple Watch. In China, for instance, Alibaba-affiliate Ant Financial is reportedly looking to be the first to launch wearable payment technology systems in the nation. In fact, according to market intelligence firm Tractica, the wearable market will increase more than 10 times over by 2020. The biggest challenge for the industry is the devices’ short battery lives. According to Barclaycard’s website, manufacturers and chip makers are now exploring developing low-power wireless communications for wearables.