tag:blogger.com,1999:blog-8802856.post2109138575841654102..comments2023-10-22T13:55:34.868+01:00Comments on TechnoLlama: Electronic Money Strikes BackAndres Guadamuzhttp://www.blogger.com/profile/04772686466126007620noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8802856.post-83917990310710881602007-05-11T19:59:00.000+01:002007-05-11T19:59:00.000+01:00I think contactless payment is a great idea. Reme...I think contactless payment is a great idea. Remember while the cost might go up for the merchant the sheer volume opportunity for the merchants might negate any increase in cost. <BR/><BR/>Think of all those people who currently use cash for low value transactions at the local shop, whom slow down the check-out line fumbling for coins, who could be using MasterCard PayPass and simply wave their card or device on a special reader and go, thus allowing the next person in line to check-out.<BR/><BR/>The merchant might see increased sales as customers realize the speedy payment option at their local shop and purposely frequent merchants who accept contactless payment. And therefore foot traffic increases, credit/debit card use increases, and no longer is the merchant fearful about interchange fees—it is now about how I accommodate so many customers at the lunch hour. <BR/><BR/>This is particularly prevalent in the City and Canary Wharf – where the UK trials will take place – all those bankers exiting their offices and converging on the high street for lunch---a crush of people that would flow more smoothly if they all had contactless payment cards. <BR/><BR/>True there are security concerns, but since MasterCard and Visa and AMEX in the US offer zero liability for credit and debit card purchases, you are bound to be called by your bank or notice something on your next statement before causing major life threatening damage. Remember it is the merchant who is ultimately liable for fraudulent charges, they are the ones who at point of sale had the opportunity to check your signature, check your ID, and if they did not the banks stick them with the loss. <BR/><BR/>MasterCard has been the major player in this arena-contactless payment, with their MasterCard PayPass product. Visa only just branded their product and therefore are a bit behind in trials and select merchant adoption. Don’t even go there with American Express—they only offer contactless payment on three (3) of their products! MasterCard all the way!<BR/><BR/>Some links: <BR/><BR/>http://www.mastercard.com/us/paypass/mobile/index.html<BR/><BR/>http://www.mastercard.com/us/personal/en/aboutourcards/paypass/index.html<BR/><BR/>http://www.mastercard.com/us/paypass/subway/index.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-8802856.post-13690929075532256502007-05-08T13:22:00.000+01:002007-05-08T13:22:00.000+01:00Thanks for the link Lil!Interesting post, it makes...Thanks for the link Lil!<BR/><BR/>Interesting post, it makes some good points, but I think that it may misunderstand the technologies a bit. You could not place readers lying around, as the readers have to be registered, and would be secure enough to identify them to a merchant. <BR/><BR/>I'm not sure about what type of system we're talking about here though. <BR/><BR/>Is the chip going to be like an electronic wallet? You could then only take out as much as you put in. <BR/><BR/>Is it going to withdraw money from your account? It would then operate like a debit card. <BR/><BR/>Is it going to offer credit for money you don't have? This would mean it would be regulated as a credit card. <BR/><BR/>I sense a new article :)Andres Guadamuzhttps://www.blogger.com/profile/04772686466126007620noreply@blogger.comtag:blogger.com,1999:blog-8802856.post-16343577791604360442007-05-08T12:00:00.000+01:002007-05-08T12:00:00.000+01:00Oh my you are losing your edge TL!Didn't I send yo...Oh my you are losing your edge TL!<BR/>Didn't I send you this?<BR/><BR/>http://lostcarpark.livejournal.com/145800.htmlpanglosshttps://www.blogger.com/profile/00900934369744270540noreply@blogger.comtag:blogger.com,1999:blog-8802856.post-75454466276713593962007-05-08T11:40:00.000+01:002007-05-08T11:40:00.000+01:00no doubt the cost of this new system will be borne...no doubt the cost of this new system will be borne by the retailers somehow, I can't see the banks letting it eat in to their bottom line. It already costs for rental of the existing EPOS technologies. I'm sure that many small and independent retailers, who still make up for a sizeable chunk of UK's rural high streets and some urban, will be slow on the uptake unless the banks really show strong support to assist uptake.<BR/><BR/>I'm not holding my breath for this one.Anonymousnoreply@blogger.com