Visa's contactless payment form payWave is now being pushed as a globally accepted method just as PayPass by Mastercard on the EMV standard.
"Visa upgrades payWave to EMV standard Visa has announced new global specifications for its payWave platform based on based on the international EMV standard. The company says the new global spec, called Visa Contactless 2.0, will ensure customers can use their contactless cards worldwide, while still offering the flexibility for customization to meet local market needs.."
This along with the adoption of NFC (which allows for a speedier contact for payment on EMV platform) changes the ballgame considerably. It has allowed for a new rollout in Turkey announced yesterday.
"Turkish bank launches multipurpose toll card Turkey's Bank Asya has joined with MasterCard to launch a chip and PIN contactless card which can be used to pay tolls on the country's roads and bridges, along with several other applications."
And today's ann. that PayWave and PayPass enablement is likely for the Oyster card in London.
"Transport for London plans to open Oyster scheme to contactless credit and debit cards Transport for London (TfL), local government body responsible for the transport system throughout Greater London in England, reveals that London’s commuters can soon pay for rides with London underground rail network, buses and trains utilising their Visa payWave, MasterCard PayPass or other contactless banking cards and also with NFC-enabled mobile phones..."
So to re-cap. We are looking at a preferred card global rollout that would operate either on Visa's JavaCard platform or the Multos platform that would be EMV compliant that would be NFC enabled and that would enable contactless payment for a range of small item purchases on the contactless pllatform of choice to the consumer -either a proprietary scheme like Oyster or ERG's or an international one like payWave or Paypass or whatever else survives the RFID security fallout.
The future is here Let's hope that Keycorp is there as well!
KYC Price at posting:
0.0¢ Sentiment: None Disclosure: Held
