May 04, 2007
Contactless Payments to Rise
It's expected that by 2011, there'll be nearly 110M users of contactless payment cards in use in the United States, with purchases totalling nearly US$15B. This will be a rise from nearly 30M cards in 2006, which is far behind many other other countries. The market that card issuers are going after is for small-ticket purchases of typically US$25 or less per transaction. Such transactions will not require a signature, thus supposedly speeding up shopping and possibly luring consumers from other payment methods. These figures do not include payments by mobile phone, which are also expected to grow in the US, thanks to an increasing number of NFC-enabled phones and vending machines.
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