Contactless Payments

Description

Contactless payments is changing the way that consumers are paying for products and services. Customers demand and expect speed and convenience and that is why contactless payments that were always considered a future product but is now very much in the present. In fact, every major issuing bank has either in the past year or within the next year issued their credit cards with a smart chip in addition to the usual magnetic stripe. This includes Visa, MasterCard, American Express and Discover. At the same time tens of thousands of business locations have already installed the contactless payment readers including McDonalds, Regal Theaters, 7-Eleven, CVS, several major sports stadiums, and the New York Subway system. These cards are branded under different names including Visa payWave , MasterCard PayPass , Chase blink , American Express ExpressPay , and American Express Blue . Within the next few months approximately 20 million cardholders will be carrying one of these new cards and Visa has predicted that there will be over 400 million contactless cards in circulation by 2009.

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