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What are contactless payments?
contactless payments create a new field of payment options for merchants. Contactless payments are quick, simple and pave the way for greater benefits. An intelligent computer chip with data and an antenna is embedded in a credit card, debit card or fob. When the card or fob is extracted in a radio frequency reader, the reader emits a radio signal that activates the card, the card information is read and the payment is made without a signature for purchases under $ 25.00, without penalty to the merchant.
"Retailers do not have to worry about compatibility with their systems current or safety, "said Mohammad Khan, president and founder of ViVOtech, Santa Clara, California-based developer of software without contact management systems transaction and the readers.
"We have been working closely with processors, card issuers and terminal suppliers to create an open system 14 443 with the IS0 standard. It uses secure encryption technology. The smart card does not leave the hands of customers so it is safer and there is no data skimming " Kahn said, he sees as contactless a great opportunity for retailers to increase their income. It provides the contactless payment in lieu of cash because they are faster, more comfortable and cost less due to less shrinkage and less labor required.
There are two types contactless readers available: Peripheral Contactless Readers (PCR) that plug into existing point of sale terminals and integrated contactless reader (ICR) to replace traditional readers and offer both magnetic stripe and contactless reading skills. Traders can buy any type of reader. The PCR usually cost about $ 150. Some commercial providers services, as ACIES, however, are offering competing plans deals with terminals and readers for free.
David Robertson, publisher of The Nilson Report (Carpinteria, California) estimates that 12 million contactless cards currently in circulation in the U.S. He predicts that the first contact will be a success without brand stores and traders in areas where they are deployed will do the same cards when customers ask to use their contactless cards.
Customers are asking without contact in the New York metropolitan area, where many cards have "fallen," says CEO and President Oleg Frier acies, Inc, New York National based payment processing in the city and financial services provider. Other areas where there are substantial contactless readers and cards include Atlanta, Philadelphia, Denver, Dallas and Orlando, said Khan.
Studies show the speed and the added value of contactless payments usually when someone does not pay in cash the amount operation increases. Visa trials showed its contactless card transactions are 25% faster than cash. MasterCard PayPass trials showed an increase the transaction amounts to 12 to 18 seconds in reducing payment periods for transactions drive-thru. Aite Group reports that CVS, the drugstore chain, has found a way Contact operation takes 12.5 seconds, compared to 26.7 seconds for payments with magnetic stripe card and 33.7 seconds for a cash transaction.
The traders who have a small amount of time to service customers, such as fast food restaurants, cafes, cinemas, pharmacies, convenience stores and drive-thrus can benefit enormously from the contactless payment. McDonald's, AMC Theatres, CVS, Meijer, Duane Reade, Regal Entertainment, House Ritz, Arby's, Cold Stone Creamery, Eckerd, Carl's Jr., Burger Good Times, KFC, RaceTrac, Subway, Sonic (Drive-In restaurants) and Walgreens are installed contactless readers. Convenience stores are preparing to accept contactless payments. contactless readers are being installed in 5300 7-Eleven stores and 350 shops Sheetz. WaWa markets are installing more than 2,000 readers in its 540 stores branded credit card and loyalty programs.
card associations also enthusiastic about contactless payments.
"It takes a village to launch a new technology, Visa, have an absolute commitment to ensure success contactless payments, "said Elvira Swanson, a spokesman for Visa. Visa, with four million Visa contactless cards in circulation, provides collateral materials, demo online, and commercial support teams to help educate merchants.
"This is the real thing. Contact is beyond the" egg and chicken-concept stage now when we look at the number of financial institutions have taken the decision to offer non-contact and number of traders accept national, "said TJ Sharkey, vice president of Business Development, U.S. Acceptance, MasterCard International. contactless MasterCard is supporting many ways. The merchants that accept contactless payments listed in the MasterCard Web site, where there are demonstrations on how their Touch N Go, PayPass work cards. Ads TV illustrating their PayPass cards are distributed nationally.
Banks to issue contactless cards include Citibank, MBNA, HSBC (debit cards) JP Morgan Chase, Key Bank (debit cards) and the Citizen.
There have been several pilot programs contact in sports stadiums, including San Francisco, Seattle, Baltimore and Philadelphia. Recently, another form of contact factor was added to the mix, with the trial of NFC (Near Field Communications) contactless payment phones phones in the Philips Arena in Atlanta. holders of season tickets to the accounts of credit issued by Chase Visa and Cingular Wireless accounts can make contactless payments simply holding their Nokia mobile phones equipped with Philips semiconductor chips and ViVOtech software near NFC one of 150 terminals. NFC is compatible with ISO 1443 readers have other features like the ability to send a coupon for a reader.
"Contactless payments are the wave of the future and will change the way that the world pays to shop, "Khan said enthusiastically.
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