One of the UK’s largest banks says the initial rollout of contactless payment cards may fail to attract the predicted number of retailers ahead of its launch this year – but the plan is expected to take off in 2008.

From September, Londoners will be able to pay for low-value items by waving their debit or credit card over a reader at selected shops in Canary Wharf.

The rollout, which follows agreement on a national standard by the banks, aims to attract 2,000 retailers.

But the project is unlikely to attract that many firms in time for the launch.

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