Contactless Cards: Innovation in Payments Industry
Contactless payments are being promoted by payment providers without necessarily being demanded by consumers. Aimed at displacing cash, which is generally disliked by merchants and financial institutions due to the costs of handling it, contactless payments face strong competition from increasingly popular Chip and PIN debit card payments.
Although contactless cards are the short-term future for low-value payments, they will over time converge with mobile handsets.
Innovators such as Google and Apple have already launched NFC-enabled devices, and other mobile handset manufacturers will follow when acceptance of contactless mobile payments broadens.
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