Smart debit cards offer contactless solution
By Louis Georgakakis
Research groups like Juniper and Gartner predict consumers will soon be able to pay with their smartphone when they approach a store's point-of-sale terminal, and the transactions will become so popular they will account for a significant volume of all payment processing. However, there is still the question of consumer adoption. While the technology may be innovative and interesting, it isn't likely to dethrone payment cards if it isn't actually more useful.
In a recent article for Discovery News, Rob Pegararo wrote that when he recently went to use his NFC-ready smartphone to pay for his coffee, he was disappointed to learn the shop's terminal was down. Instead, he had to resort to traditional payment methods - debit, credit or cash.
It's been suggested that customers may not rush into mobile payments simply because they are happy with credit card processing, and that simple value-added to the current infrastructure would suffice for change. Enter the new Interac Debit card by TD Canada Trust. The payment card offers tap-and-go transactions, enhanced security and verification-free purchases under $100.
If consumers take to smart cards instead of mobile solutions, retailers may not need to worry about preparing for the NFC takeover.
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