Commidea predicts that contactless payment will come of age in 2009
Contactless Payment DatasheetLeading card payment processing solution provider Commidea believes that 2009 is the year in which contactless payment will finally achieve mainstream adoption.
February saw the 350th anniversary of the first cheque being signed, but with many retailers now vetoing this admin heavy method of payment, attention is turning to cheaper, faster and more secure alternatives.
“The contactless payment market has come a long way since the launch of MasterCard’s PayPass and Visa PayWave in 2007,” says Bill Barritt, Strategic Development Director at Commidea. “2008 has been a critical year for the technology, with high-profile retailers beginning to offer contactless payment options to their customers, supported by innovative financial initiatives from financial institutions. Commidea anticipates that 2009 will be the year in which adoption really takes off.”
Commidea’s view is supported by many other leading industry players. The major banks are leading the way. Barclays followed up its high-profile “water slide” TV advertisement for contactless with an announcement on January 9 2009 that debit cards that are issued or reissued will have contactless technology built in as standard. This will bring more than three million customers into the contactless fold by the end of the year.
Rene Batsford, Head of IT at EAT, commented. “Contactless payment is gradually gaining momentum. As an increasing number of people become familiar with the technology, we will be able to provide a faster, still more hassle-free service for our customers. By the end of 2009 we expect to see as many as 50% of our customers making use of the contactless option”
Leading payments technology vendor, VeriFone, also expects contactless payment using cards or mobile telephones to gain greater traction in 2009. Referring to near field technology (NFC), which allows mobile phones to be used in the same way as contactless cards, Shaun Burger, Vice President, VeriFone UK & MEA explains, “We believe NFC will help push along the deployment of contactless acceptance infrastructure. Contactless and NFC are symbiotic technologies that have the potential to revolutionise the point of sale.”
For further information on Contactless Payments, please visit Commidea's microsite - www.contactless-payments.co.uk.