Contactless payment systems

2 years ago by in Alternatives, Financial Domain, Payments

Paying without inserting your PIN or signing, but also without cash. It’s happening all over the world.

 

Source: www.pin.nl

Source: www.pin.nl

What is it?
Contactless payment systems are, like the name already suggest, systems whereby customers can pay there goods without having to stick their card in a paying-machine. Also signatures and PIN-codes are no longer a necessity.

Where spotted?
www.pin.nl

How does it work?

Just keep your card (or even mobile phone) close to the machine in order to pay. The embedded chip and antenna enable consumers to wave their card over a reader at the point of sale. That’s it. In the Netherlands you can pay amounts to 25 euro in this manner. If you have to pay a higher amount, you still have to insert your PIN.

What is its core value?
Make it easier and quicker to pay for goods in stores.

See also:
The Guardian about contactless cards

I award this innovation as...