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New RFID Cashless Payment Card

Using RFID to allow wireless payments, the MYbi Card hangs from a key chain or cell phone and carries amounts of as little as $3.50.
Oct 21, 2004This article was originally published by RFID Update.

October 21, 2004—The activity continues in RFID-based cashless payment solutions. Last week there came news of Motorola and MasterCard's project to integrate the latter's PayPass technology into cell phones, allowing users to make purchases of everything from fast food meals to concert tickets with a mere wave-of-the-phone. And now in Korea an accessory that offers something similar has been introduced. The small MYbi Card hangs from a key chain or cell phone and carries amounts of as little as $3.50. It's hard to imagine such technology taking off in the U.S. RFID-based payments are already popular in Asia, so an accessorized version of such functionality is natural. But in the U.S., where consumers still use only cash for smaller purchases, widespread RFID-based payment systems will probably require precisely the concerted effort currently seen between the credit card giants and cell phone manufactuers to incorporate the functionality directly into people's phones.

Read the article at engadget
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