Mar 22, 2005This article was originally published by RFID Update.
March 22, 2005—American Express has signed a deal with photo chain Ritz Camera and east coast convenience store giant Sheetz to install its RFID-based ExpressPay product at all of each company's locations. The deal adds another 1,500 locations to the ExpressPay program, whose participant list already includes pharmacy leader CVS. The system is a standard contactless payment system in which the consumer waves a key fob (read: RFID tag) in front of a reader at the cash register to make purchases. The system provides a simpler and speedier way to buy than both credit cards and cash, and, according to American Express research, results in consumers buying up to 30% more.
The big three credit card companies are each moving forward with contactless payment initiatives (all of which rely on RFID technology). Ostensibly, the idea is to offer consumers an easier way to make purchases. But what is more interesting to Amex, Visa, and MasterCard is the opportunity to get a slice of the enormous amount of small purchases that have historically been made solely with cash.
The press release and the ExpressPay site
