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Report: RFID to Drive Contactless Payments in 2005

A new report from ABI Research entitled RFID Contactless Payments predicts that 2005 will be a transition year in the area of contactless payments.
Feb 22, 2005This article was originally published by RFID Update.

February 22, 2005—A new report from ABI Research entitled RFID Contactless Payments predicts that 2005 will be a transition year in the area of contactless payments, also referred to as M-Commerce. Whereas before contactless payment schemes were proprietary systems (the classic example being Exxon's SpeedPass), this year will see an opening up and expansion of the technology, with banks, financial institutions, and credit card companies participating as major players. Such companies have historically been eager to tap into the "cash economy" of low-ticket items, and RFID-enabled contactless purchasing represents a welcome solution.

We would have to agree that M-Commerce is on the horizon (it's already popular in parts of Asia). It simply makes sense for everybody. Consumers enjoy the increased convenience of not having to swipe a credit card or fiddle with currency; merchants build consumer loyalty by providing the added convenience; the banks and credit card companies start getting a cut from more purchases; and cell phone companies can push more expensive contactless payment-enabled phones to their subscribers.

Read the report press release on ABI Research's site
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