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Contactless payment information


EMV contactless symbol used on compatible payment terminals. EMV stands for "Europay, Mastercard, and Visa", the three companies that created the standard.

Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.

EMV (abbreviation for Europay, Mastercard, and Visa) is a common standard used by major credit card and smartphone companies for use in general commerce. Contactless smart cards that function as stored-value cards are becoming popular for use as transit system farecards, such as the Oyster card (London, UK) or RioCard (Rio de Janeiro, Brazil). These can often store non-currency value (such as monthly passes), in additional to fare value purchased with cash or electronic payment.

Tokenisation is a newer concept of encapsulating a card issuer's details within a hardware device application such as via Apple Pay app on iPhones.

Some suppliers claim that transactions can be almost twice as fast as a conventional cash, credit, or debit card purchase. Because no signature or PIN verification is typically required, contactless purchases are usually limited to small value sales. Lack of authentication provides a window during which fraudulent purchases can be made while the card owner is unaware of the card's loss. Major financial institutions and multinational corporations now offer contactless payment systems to customers as contactless credit cards have become widespread in the U.S., UK, Japan, Germany, Canada, Australia, France, the Netherlands, etc., as consumers are likely to spend more money using their cards due to the ease of small transactions. With contactless cards growing in numbers and percentages of adoption, the number of payments by this method had increased significantly since the spending limit was raised.[when?] Purchases made by card now surpass those made by cash and account for approximately one-third of all card transactions in countries like the UK.[citation needed] Contactless payments specifically have become increasingly popular, accounting for 4 out of 5 point-of-sale credit card purchases in Australia as of 2019.[1] Card issuers indicate that they will increase the availability of contactless cards to consumers. As of October 2021 there are over 142 million contactless-enabled cards[2] and over 147,000 terminals in use in the UK alone.[citation needed] VISA estimated that there would be 300 million contactless cards issued in the US by the end of 2020, up from the predicted 100 million at the end of 2019.[citation needed]

Image of Contactless Card, opened up
  1. ^ Caddy, James; Delaney, Luc; Fisher, Chay; Noone, Clare (19 March 2020). "Consumer Payment Behaviour in Australia" (PDF). Reserve Bank of Australia. p. 13. Archived from the original on 2 April 2020. Retrieved 13 May 2024.
  2. ^ "UK contactless debit and credit cards". Statista.

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A contactless smart card is a contactless credential whose dimensions are credit card size. Its embedded integrated circuits can store (and sometimes...

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and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay–specific contactless payment terminals; it can work with...

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Contactless

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Contactless may refer to: Contactless smart card Proximity card, a contactless integrated circuit device used for security access or payment systems Contactless...

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QR code payment

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QR code payment is a contactless payment method where payment is performed by scanning a QR code from a mobile app. This is an alternative to doing electronic...

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Transport for London

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lines. Passenger convenience systems, such as the Oyster card and contactless payments, were also provisioned around this time. During 2008, the consumption...

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September 2011. "Ericsson and Aconite collaborate on mobile contactless payments". Mobile Payments Today. Archived from the original on 16 February 2013. Retrieved...

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National Payments Corporation of India

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nature. Rupay Contactless is a contactless payment technology that allows cardholders to wave their card in front of contactless payment terminals without...

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MetroCARD

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currently used on the Adelaide Metro network: contactless payment, metroCARD-only, and dual-purpose. Contactless payment validators are currently rolling out across...

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Mastercard

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UK-based payment processing and fraud/risk management provider. In March 2012, MasterCard announced the expansion of its mobile contactless payments program...

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RuPay

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holders. RuPay Contactless is a contactless payment technology feature that allows cardholders to wave their card in front of contactless payment terminals...

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Global Payments

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The company processes payments made through credit cards, debit cards, and digital and contactless payments. Global Payments was founded in 1996 and...

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Debit card

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to contactless payment options such as contactless debit card, contactless credit card and contactless prepaid card.[citation needed] The payment methods...

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Microsoft Pay

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Pay does not require Microsoft Pay-specific contactless payment terminals, and supported existing contactless terminals if used on mobile devices. Similar...

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Payment processor

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the payment processing industry is being driven by an increase in vertical-specific processors, the accelerated adoption of contactless payment methods...

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Payment card

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access or payment systems. It can refer to the older 125 kHz devices or the newer 13.56 MHz contactless RFID cards, most commonly known as contactless smartcards...

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Payment terminal

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terminal. In the late 1990s and early 2000s contactless payment systems were introduced and the payment terminals were updated to include the ability...

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Aldi

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cards are also accepted. Card, phone and contactless payments are not subject to any surcharge and phone payments can be used for any amount, when authenticated...

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YooMoney

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other merchants, which accept payments via Yandex.Checkout, can also offer consumers fast and convenient contactless payment via Apple Pay. With Touch ID...

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Host card emulation

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to offer payment cards solutions more easily through mobile closed-loop contactless payment solutions, offers real-time distribution of payment cards and...

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OMNY

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OMNY (/ˈɒmni/ OM-nee, short for One Metro New York) is a contactless fare payment system, currently being implemented for use on public transit in the...

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