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 verification is typically required, contactless purchases are limited to US$25 in the U.S., A$100 in Australia, NZD$80 in New Zealand, €25 in most euro area countries (€15 in Ireland) and £20 in the UK (to be increased to £30 from September 2015).Those unauthorized may still take advantage of contactless payment systems as no identification occurs before payment except for certain devices. However, owners may block transactions which may provide relatively short time frame, if any, for fraudulent activities to occur of any kind.
Research indicates that consumers are likely to spend more money due to the ease of small transactions.[2] MasterCard Canada says it has seen "about 25 percent" higher spending by users of its PayPass-brand RFID credit cards.
NCR Counterpoint will be supporting Contactless Payments with a Service Pack update to version 8.4.6 due out in mid May 2015 and in the 3rd quarter of 2015 for version 8.5
If you would like more information about Contactless Payments, contact the CCS Retail Systems Support Department @ 800.672.4806 or email us.
-Bryan