Barclaycard has opened applications for its new OnePulse card by signing a three-year exclusive deal with Transport for London (TfL) to combine the oyster card with a credit card and a cashless payment facility ” all three functions in one card.
”This is the first UK credit card of its kind,” said Barclaycard CEO, Anthony Jenkins. ”Barclaycard OnePulse will make life easier and more hassle-free for those who live and work in and around London.”
The name OnePulse was revealed in July 2007 and a ”4m ($8.1m) marketing campaign launched using the slogan ” ”welcome to the future.”
”London is a fast paced, dynamic city that is always looking to the future. We wanted a brand name that conveyed the sense of energy that runs through the city while at the same time highlighting the card”s unique three-in-one feature,” said Barclaycard chief marketing officer, Elizabeth Chambers.
Before applications began on Monday 10 September, 4,000 pre-registrations were received online.
The three-in-one card is delivered by TransSys on behalf of TfL. At its 10 September launch in Canary Wharf tube station, Barclaycard CEO, Antony Jenkins, and TfL director of fares and ticketing, Shashi Verma, were the first to use the new cards.
OnePulse comprises three features: a 14.9% APR (typical variable) credit card, a cashless payment facility and the Oyster function.
The concept of cashless payments has been coined as ”contactless technology” by Barclaycard. The function enables ”OneTouch” payments, which require the user to touch their card against a reader, rather than entering a pin number. It can only be used for payments of ”10 or under.
In order to accept cashless cards, retailers will need to adopt new cashless readers in their stores. Barclaycard explains the technology behind it: ”RFID (Radio Frequency Identification) capability is installed in each card. This communicates securely between the chip on the card and a reader when placed within a few centimetres of it.”
Retailers who have signed up to the new technology so far are: Books Etc, Chop”d, Coffee Republic, EAT, Krispy Kreme, Threshers and YO! Sushi. However, Barclaycard has announced plans to sign up thousands of retailers in the near future.
Cashless payments are intended for small everyday purchases under ”10, with the credit facility dedicated to larger buys.
When using the Oyster function, only the Oyster facility is accessed, not the credit account, although they remain in the same card. The huge success of the Oyster card ” which is used for 80% of underground and bus payments, and 38m journeys a week ” is the basis for Barclaycard”s OnePulse concept.
”Since its launch in 2003 the Oyster card has proven to be a huge success with over 10 million cards now in circulation,” said TfL director of fares and ticketing, Shashi Verma.
”This innovative partnership with Barclaycard is another way that Oyster technology can make life more convenient for Londoners, providing them with not only cheaper, easier and more convenient travel but also the ability to make low cost transactions on everyday items.”
A spokesperson for Barclaycard told ABTN that the company is also looking at the possibility of a "debit only" version of the card.