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Home > Business/Finance > Financial Services > Electronic Transactions
Contactless Payments
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| Published Date:
July 2004
Published By:
Datamonitor
Page Count:
67
Order Code:
R313-9840
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TABLE OF CONTENTS
ABOUT DATAMONITOR 2
INTRODUCTION 6
Cards & Payments Briefings Service 6
What is this briefing about? 6
Who is the target reader? 7
How do you use this briefing? 7
Scope of the briefing 8
OVERVIEW OF CONTACTLESS PAYMENTS 9
Defining contactless payments 9
What is the argument for contactless payments? 10
Plastic cards can only replace certain parts of the cash and cheque market 10
Credit card issuers have seen their margins squeezed 12
Issuers must, therefore, find new ways for consumers to use their cards 12
Contactless technology is operated widely in transport systems 13
Oyster: Contactless transport payments for London 13
ez-link: Moving towards payments 16
Octopus: The evolution from ticketing to payments 19
Summary 22
SELLING THE PROPOSITION 23
Benefits to retailers and consumers 23
Consumers benefit from greater speed, security and convenience 23
Retailers experience higher revenues and lower costs 24
Benefits to card issuers 25
Additional card usage 25
Retention benefits for first movers 25
The key opportunities lie in small-ticket retailing and services 25
Commuter payments present a big opportunity 26
Fast-food outlets will see benefits 26
Supermarkets can provide speedier service 26
At the petrol pump 27
These benefits have encouraged the card schemes to look to enter this market 30
American Express ExpressPay: an independent payment tool 30
MasterCard PayPass: Contactless functionality on a standard payment card 34
Visa Wave: A multi-function payment card 37
Summary 39
THE FUTURE DECODED 41
It is important not to overestimate the potential of contactless payments 41
Contactless payments are still relatively untested 41
Traditionally, cash-replacing technologies have struggled 42
However there are a number of problems to be overcome 44
Contactless readers must be able to accept all contactless cards 45
Retailers and consumers must be convinced of the benefits 46
Security is a concern 48
Contactless payments will therefore impose costs on issuers 49
Which markets present the biggest opportunities? 50
Public transport has provided a platform in the past 50
Asia and the USA present the biggest opportunities 51
EMV migration allows schemes to launch their own contactless programs 52
Datamonitor Cards & Payments Team view 55
APPENDIX 57
Supplementary data 58
Definitions 59
Research methodology 61
Future readings 62
Current publications 62
Forthcoming publications 62
Relevant links 63
Datamonitor’s custom research capabilities 64
Retail Banking Team contact details 66
How to contact experts in your industry 67
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