Under a deal signed by Barclays and TranSys, the Oyster travel card consortium, the new cards will have three separate functions. It will combine a standard chip-and-pin Barclaycard, an Oyster travel card and will contain new technology to allow customers to wave the card over a reader to pay for low value transactions.
Barclaycard, Transport for London, TranSys and Visa will conduct a live trial in London early next year and plan to roll out the card to customers towards the end of 2007.
Barclaycard said: "Wave and pay technology means faster, more convenient payments as there is no need for a PIN or signature. The system reduces the need to carry cash and is particularly suited to retail environments such as fast food outlets, coffee shops, newsagents, off licences, bars, parking facilities and vending machines."
The deal includes the exclusive right to place Oyster on Barclaycard and Barclays Connect Visa cards until at least 2010.
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