Contactless payment: Difference between revisions
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'''Contactless payment''' systems are credit cards, key fobs, or other devices which use [[RFID]] for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature is typically required for purchases under $25 USD, some research indicates that consumers are likely to spend more money due to the ease of small transactions. |
'''Contactless payment''' systems are credit cards, key fobs, or other devices which use [[RFID]] for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature is typically required for purchases under $25 USD, some research indicates that consumers are likely to spend more money due to the ease of small transactions. |
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Industry analysts predict that there will be almost 40 million contactless payment devices in use in the US by the end of 2006. |
Industry analysts predict that there will be almost 40 million contactless payment devices in use in the US by the end of 2006. According to [[Celent]], the number of contactless devices nearly doubled in 2006 and is projected to capture 15% of the prime market by 2011. <ref name=Celent> '''Celent Report''': According to figures published by Celent [[5 September]] [[2006]]. See also [http://www.celent.com/PressReleases/20060905/Contactless.htm Contactless and the Dawn of a New Payment Era].</ref> |
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Major financial entities introducing contactless payment are [[MasterCard]], [[Citibank]], [[JPMorgan Chase]], [[American Express]], [[KeyBank]] and [[HSBC]]. |
Major financial entities introducing contactless payment are [[MasterCard]], [[Citibank]], [[JPMorgan Chase]], [[American Express]], [[KeyBank]] and [[HSBC]]. |
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==Footnotes== |
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<references/> |
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==References== |
==References== |
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Revision as of 17:45, 14 June 2007
Contactless payment systems are credit cards, key fobs, or other devices which use RFID for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature is typically required for purchases under $25 USD, some research indicates that consumers are likely to spend more money due to the ease of small transactions.
Industry analysts predict that there will be almost 40 million contactless payment devices in use in the US by the end of 2006. According to Celent, the number of contactless devices nearly doubled in 2006 and is projected to capture 15% of the prime market by 2011. [1]
Major financial entities introducing contactless payment are MasterCard, Citibank, JPMorgan Chase, American Express, KeyBank and HSBC.
Footnotes
- ^ Celent Report: According to figures published by Celent 5 September 2006. See also Contactless and the Dawn of a New Payment Era.
References
Todorova, Aleksandra; Wall Street Journal N.Y.: Nov 27, 2005. pg. 3
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