Contactless payment
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] Among these payments, 10% of the contactless market will consist of transactions made via mobile phone by 2010.[1]
Major financial entities introducing contactless payment are MasterCard, Citibank, JPMorgan Chase, American Express, KeyBank and HSBC.
Footnotes
- ^ a b Celent Report: According to figures published by Celent 5 September 2006. See also Contactless and the Dawn of a New Payment Era. Cite error: The named reference "Celent" was defined multiple times with different content (see the help page).
References
Todorova, Aleksandra; Wall Street Journal N.Y.: Nov 27, 2005. pg. 3
 | This money or currency-related article is a stub. You can help Wikipedia by expanding it. |