August 08, 2005
RFID Credit-Card to be Big Player in Small Transactions
The largest manufacturer of credit cards, Versatile Card Technology, is taking the next step in the nature of payment transactions. Recently, the popularity of contactless, RFID-equipped credit cards has been on the rise in countries including Germany, Mexico, Malaysia, and Turkey. Consumers using contactless cards simply wave their card in front of readers. The cards enable consumers to make quick purchases--reducing transaction time by up to 30 seconds. According to studies, the cards also increase consumer purchase sizes and frequencies. Versatile's contactless cards are interchangeable. They are equipped with the traditional magnetic strip for large purchases and RFID chips for purchases under $25. In the U.S., McDonald's, Walgreens, 7-Eleven, KFC, Regal Cinemas and CVS have already made arrangements to facilitate the cards. According to Chicago Sun-Times:
Rome Jette, vice president of smart cards at Versatile Card Technology Inc. in Downers Grove, said, "The credit-card industry is conducting a war on cash. It wants to handle what had been cash purchases as part of its growth strategy."Read more: Credit-Card Industry's 'War on Cash'
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