Credit Card Web Site Publishes Consumer Report on Contactless Payments

Credit card information Web site Find Credit Cards has published an exclusive six-page report for consumers that describes the technology behind contactless payment systems and its widespread growth across the United States within the last year. The report also gives an outlook on the future of contactless credit cards and what role they are expected to play in the lives of consumers in the years to come.

According to the report, it is expected by 2009 that over $11 billion will be transacted via contactless payments. Meanwhile, more and more card issuers are embracing the new technology and issuing contactless credit and debit cards to their customers. Each card has embedded within its plastic a tiny RFID (radio frequency identification) microchip that is capable of sending the card's data to a specially equipped checkout stand reader via high frequency radio waves. There is no need for physical contact between a magnetic stripe and a reader. Rather, the cardholder of a contactless credit card simply waves the card in front of a special RFID terminal and the transaction is processed almost immediately.

Some readers are currently up and running at select fast food restaurants, convenience stores, movie theaters, and NFL stadiums. Issuers of contactless credit cards include Chase, MBNA, and American Express.

The consumer report is dated April 3, 2006 and was authored by RFID and credit card journalist Jimmy Atkinson. It can be downloaded from the Contactless Credit Cards Web page at Find Credit Cards, http://www.findcreditcards.org/type/contactless.php .

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Jimmy Atkinson is webmaster and author of Find Credit Cards ( http://www.findcreditcards.org ) and Credit Card Blog ( http://www.findcreditcards.org/articles ).