VISA 'tap and go' Mastercard technology on the match... A number of retail banks have started rolling out contactless,
"tap and go" payments cards and terminals across its respective countries.
In one of the biggest deployments of the financial services technology in attempts to force its customers to starts making contactless card payments with "visa tap and go" or "mastercard tap and go".
The retail banks are expected to issue millions of payment cards to its customers containing a wireless computer chip which transmits payment straight to a merchant's terminal when it is waved or tapped on a contactless payment card reader.
Retail banks are providing tens of thousands of payment terminals to merchants across its nationals, to ensure that customers can pay with a single tap everywhere from the largest department store to the smallest cafe shop.
Payment services companies and retail Banks in UK/ Austria/ Europe/ Australia/ US/ Switzerland/ USA/ Germany has teamed up with Mastercad and Visa Europe for the project and to provide thousands of ATM machines with contactless readers.
Contactless payments are beginning to be roll out in many parts of the world, with banks and payment services companies such as Mastercard and Visa hoping the new contactless payment system will gradually replace the use of physical cash for small purchases.
Normally, banks receive a small fee of approximately 0.5% per transaction for processing card payments and are keen to extend the use of contactless cards as far as possible.
Paying with Card payments also allow banks to collect a customer data on their shopping and lifestyle habits, which can be valuable for marketing and sales purposes.
A huge number of payment services companies and retail banks are issuing the wireless chip embedded in traditional-looking bank cards, which can also be embedded in mobile phones or watches.
Smart phones maker - Samsung has already makes handsets containing payment chips and a number of other contactless-enabled mobile phones which are expected on the market any moment from now.
Previously, search giant Google partnered Sprint and Mastercard, together with the telecoms operators, to launch the Google Wallet, for mobile payments.
Fast food restaurants chains like McDonald and Starbucks have rolled out contactless card readers across their stores, and mobile services operator Orange and Barclaycard has also followed up their own launched of a mobile payment system in the UK.
The payment industry is changing and a number of retail banks want to have a leading position in this technology.
It is a smart technology that creates a lot of convenience for customers, and will increase the share of card payments.
The use of contactless payment instruments is growing across the board, but at different rates in different countries.