Contactless Payments

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 contactless purchases under US$25 in the U.S. and under £20 (£15 prior to 1 June 2012) in the UK, research indicates that consumers are likely to spend more money due to the ease of small transactions.
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