Contactless payment technology
Contactless transaction processing utilizes Radio Frequency Identification technology (RFID) and typically consist of a credit or debit card that you pass by the contectless payment reader. The reader communicates with the credit or debit card via a radio signal to verify the transaction against your card.
Contactless payment terminals
Bringing customers and retailers together to make the buying experience faster and easier to provide a competitive advantage. Early results show the technology to not only be efficient, but it just might induce you to buy more than you originally thought or visit the store more frequently.
Building on the success of the retail-fueling program, these new RFID products are changing the way retailers serve their customers - speeding purchases and personalizing services helps build brand preference and enhance customer loyalty. Information on individual purchase patterns and product preferences can be automatically collected to help store owners deliver more personalized, higher-value service and create new marketing methods. One of the most appealing aspect of contactless transaction technology is that it brings the benefits of credit card payment to even the least-expensive purchases. Billions of small purchases transacted each year with cash can now be made with a contactless token.
Because each day the reader uploads and post transactions via a standard dial-up connection and since the individual transactions themselves are verified locally in the reader without a need for a round-trip communications link to a central processor for approval, the cost of processing is lower. This also speeds transaction times as processing takes only a flash of the token passed the reader.
Contactless credit bebit card payment systems
RFID contactless payment applications in retailing are just around the corner. From speeding drive-through purchases to helping hotel and restaurant managers tailor personalized service to their customers, RFID is entering the retail mainstream. We think the technology could eventually reach the point where RFID tags are welcomed throughout an entire merchant network.
With this technology, we are looking for merchants where quick payment is important. With the MasterCard PayPass program, you have got great potential to attract new customers with a new payment capability.