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Advance Technology Of Contactless Payment Solutions

Contactless Payments are used at a massive scale in various regions such as Asia, Europe, and North America, by providing numerous advantages to issuers, retailers, and consumers. The issuers can easily penetrate the cash payment market through contactless payments, and receive the benefits of cash payment market, enjoy increased customer transaction volume, and improve customer retention and loyalty. However, consumers get the facility of hands free payment and the capability to pay for number of services by using one device. The Contactless Payment providers are strengthening their market position through mergers and acquisitions, and are investing heavily in new technologies to address the increasing demand for Contactless Payment solutions.

In the retail sector the latest trend is said to be contactless payment solutions. The merchants embrace contactless payment technology, as they strongly believe that speed and convenience are very essential requirements for them to increase the transaction volumes. For the technology to be successful various types of RF technologies are currently being used including 13.56 MHz contactless smart cards, low-frequency (100 to 500 KHz) devices and high-frequency (900+ MHz) transponders. Choosing among these technologies depends on various factors such as the types of payment mechanisms the technology supports and the standards supporting technology. Contactless Payments is being readily adopted, mainly to address the needs of flexible and holistic retail and transit environment and to create a more engaging and personalized culture, hence supporting organizations to effectively manage capabilities and deal with skill imbalance challenge.

The concept of contactless payments follows various transaction models, and each of them requires a different architecture. Contactless smart cards are being across the globe with Visa, MasterCard. standard based technology, enhanced security features, products and services available, capability to use existing payment infrastructure, and support offered from financial institutions are major factors that provide compelling benefits for contactless payments. The main focus of such initiatives is to evolve a strategy and bring various components comprising of contactless payments mechanism to ensure proliferation of contactless in payment sector across the globe.

Related Reports:

Contactless Payments Market [by Solutions (Payment Terminal, Business Management, Card Issuance, Anti-Skimming), by Services (Consultation, Integration, Value Added Services)] - Global Advancements, Market Forecasts and Analysis (2013-2018)

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