Article

Top 100: 25. Contactless payments

July 25, 2011

What's not to love about contactless payments? By eliminating the need to fumble for cash or even give a thought to how much antiquated currency they have in their wallets, consumers enjoy added speed and convenience, while issuers and merchants enjoy faster transaction times, increased spending per transaction and reduced operational costs. Yet, in the United States at least, contactless payments have been stuck in a chicken-and-egg loop for years: Customers have been slow to adopt NFC-equipped smartphones or utilize the contactless payment cards they already carry in their wallets, so retailers have been reluctant to install the necessary equipment or actively promote its use. Millions of U.S. consumers already are paying for low-cost purchases using NFC-enabled debit cards, with millions more expected this year in response to new financial industry-backed initiatives slated to launch nationwide. Stay tuned.

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