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Contactless Payments
Datamonitor, July 2004, Pages: 67
In spite of the success of plastic cards, cash remains the dominant payment tool for low value transactions.
Contactless payments provide an opportunity for card issuers to enter this space.
But what are the arguments in favor of the technology? What are the dangers?
This briefing provides the answers.
Scope of report:
- In depth profiles of contactless technologies from Hong Kong, Singapore, USA and the UK provide a background to the discussion
- Analyses the potential for the technology to succeed, providing the case in favor of the contactless payments, and the potential problems
- Profiles the contactless payment technologies being piloted by American Express, MasterCard, and Visa, providing our view of each
- Based on our in-depth knowledge of the cards and payments market
Highlights of Report:
Saturation and a growing commoditization in cards markets have limited the potential for issuers to continue to achieve growth through card issuance alone. Contactless technology allows issuers to capture a portion of the payments market currently dominated by cash, thus increasing card activity
Successful schemes operating in Asia point the way to a fruitful launch in the US and Europe. In the US trials, consumers have responded positively, while retailers have reported an increase in both the volume and value of transactions.
It is important to take a balanced view; contactless payments will not take over the world overnight. However, they do present issuers with an excellent opportunity to grow revenues and increase customer loyalty.
Reasons to Purchase:
- Gain insight into the potential applications of contactless payments through in-depth profiles of success stories
- Benchmark the solutions currently being tested by the card schemes
- Learn which markets provide the best opportunities for contactless payments both now and in the future
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