Contactless Payment Technology Made Simple

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With the recent collaboration between VISA and Hudson Yards, a real estate development in New York City, the focus has shifted to a seamless and contactless payment method for its in-house residents. The development features 4,000 residences and over 100 retailers which will be a boost to VISA’s already 100 million-strong contactless card reach. One of the key focus areas of the development is to showcase the safety and convenience of contactless payments, however, for users, a little more awareness of the limitations will go a long way.

Keep It Closer

As the popularity of contactless payments increase, Belgian Bank KBC is at the forefront of safer and more convenient payment innovation. Their wearable tech comes in the form of rings and bracelets and makes it far simpler to pay on the go, as opposed to ruffling through a wallet or purse to get to a card. The wearable tech enters its pilot phase soon, with the test period scheduled for December 2018 through December 2019. There are 1,000 test devices and according to the bank, “Once we’ve launched this new method of payment commercially, all of the CBC and KBC Brussels customers will also be able to pay using wearables.”

Know The Technology

Contactless payments alleviate one of the biggest safety concerns consumers may have when it comes to the technology, and that is that the information is not easily accessible. According to Everything But Stromboli, there are ways to keep data away from prying eyes and a removable storage device fits the bill. For contactless payments, this technology is also available in the form of Near Field Communications Devices (NFC). Many smart devices are equipped with this technology which means the information from the card can safely be stored on the phone. This means paying for purchases without even using the card.

Tap And Enjoy

In a recent press release, Mastercard revealed that their Mastercard Transit Solutions division is rolling out in over 150 cities across the globe. This technology makes it easier for commuters to pay their fare with contactless payment technology. Trains and buses are the first to receive the rollout which aims at streamlining the commuter’s journey. For Los Angeles, this is a big win considering there are over 200 bus lines in the city alone.

Los Angeles Metro users already have a glimpse of contactless technology as a smartphone app is said to revolutionize the way commuters pay for their train tickets. The app will integrate the number of passes and simply by having the smartphone on hand, commuters will be allowed to travel. One of the most exciting features of the app, according to Metro spokesperson Rick Jager, an incentivized scheme might also be on the cards for frequent travelers. With plans to discontinue the MetroCard system in the future, all plans for an easier payment integration are a welcome relief for commuters.

Major card companies, smartphone app designers, and a number of other corporates are on board to make contactless payments the way of the future.