New mobile payment system announced by Orange and Barclaycard

Orange and Barclaycard announced the launch of a new mobile payment system that will produce, as the companies claim, the "biggest revolution in payments since plastic cards were introduced over 40 years ago". With the new system customers will be enabled to make their payments for goods and services at merchants by waving their handset against a reader.

The two companies say that they are considering the possibilities to expand the service to include ticketing, transport and rewards. Users will be able to control their finances while on the move, state Orange and Barclaycard.

Tom Alexander, chief executive of Orange UK, said: "Today you pay for things by cash or on your credit card. Tomorrow, you'll use your mobile to buy the things you want, whether that's on the high street or the internet." 

Antony Jenkins, CEO of Barclaycard, said: "There has been a lot of talk about mobile payments and now it's going to become a reality for our customers."