How does it work?
The jacket has a compartment specially made on the cuff that will house the contactless payment chip like the ones found in debit and credit cards. To make a payment all the wearer will have to do is tap the cuff against a contactless payment terminal.
The jacket will go on sale online and in-store at Lyle and Scott’s Carnaby Street store.
Timing is everything
The announcement coincided with the news that the contactless payment limit will be raised to £30 and the release of new data, which showed that over £2 billion were spent in the first six months of the year via contactless cards.
“We are a brand that embraces our heritage, however we understand that it is extremely important to stay in touch with the needs of our modern customers,” said Jonathan Briggs, the label’s innovation project manager.
‘It’s a huge change’
That is what economist and technology expert Kenneth Cukier told BBC’s Newsday. He went on to say how any product or technology that reduces friction in payments will in turn increase the amount of payments in society.
“Innovation is key to realising this, and so we are proud to partner with bPay to launch the world’s first contactless payment jacket,” Briggs continued.
It seems laptops are about to catch the biometric fever as PayPal, Intel, Lenovo and Synaptics are collaborating to introduce FIDO-enabled embedded fingerprint solution to PCs.
Mastercard is working with Stripe to expedite the payment process for American sellers on the latter's marketplaces using the instant payouts feature from Stripe.
Lloyds has launched biometric finger print authentication for mobile banking.
Barclaycard has partnered with Case Station, a company that makes personalised phone cases, to embed contactless technology in the latter's smartphone cases.