Contactless payment systems are credit cards and debit cards, key fobs, smartcards or other devices that use radio-frequency identification for making secure payments. The embedded 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 or PIN entry is typically required for purchases under US$25 in the US and under £20 (£15 prior to 1 June 2012) in the UK, some research indicates that consumers are likely to spend more money due to the ease of small transactions. MasterCard Canada says it has seen "about 25 percent" higher spending by users of its PayPass-brand RFID credit cards.
Famous quotes containing the word payment:
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)