The Federal Reserve has eliminated the requirement for receipts to be provided for payment card transactions of $15 or less. This opens the floodgates for cards to be accepted at an array of new locales – from vending machines and parking meters to kiosks and laundries. I would venture to say that we may soon be using credit and debit cards in ways and places we’ve never before imagined. The change was made to Regulation E, the rule government electronic transactions, and is a huge boost for the payments industry. The change will go into effect 30 days after its printing in the Federal Register which is “expected soon.” Read more about the proposed change in a prior ContactlessNews article, or check out the eleven page summary at the Federal Reserve. ![[end]](/resources/bullet/contactlessnews-4.gif)
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The Smart Card Alliance Transportation Council has published a white paper examining how the transit industry can best make use of NFC technology. “One of the major challenges facing transit agencies today is how to capitalize on the ever-growing popularity of mobile phones with a solid mobile strategy,” said Transportation Council Chairman Craig Roberts. “This white paper builds on the knowledge base developed in earlier white papers to foster a greater understanding of NFC technology, explain its role in the transit industry, and shed light on key issues facing the transit industry in developing a mobile strategy.” read more »Turkcell, Turkey’s largest mobile operator, has announced the launch of a SIM-based NFC road toll payment application on the Turkcell T11 smart phone. Developed in collaboration with Bank Asya, the app allows users to migrate their plastic KGS toll payment cards onto their T11 smart phone to pay for fares when crossing bridges and freeway turnpikes. read more »Identive Group Inc. has announced a deal to acquire a majority stake in Hamburg, Germany-based payment solution AG, a cashless payment system provider for stadiums, arenas and other types of entertainment venues. read more »The Grand Korea Alliance has opened an NFC shopping center in Seoul’s busiest commercial district, according to NFC World. Shoppers in the South Korean capital can now head to the Myeongdong district to make NFC-enabled mobile payments at some 200 merchants, as well as download coupons from NFC smart posters, receive public transit info from tags at bus stations, and even place drink orders at restaurants with the tap of an NFC-enabled phone. read more »MasterCard announced that it intends to present its contactless payment cards to Azerbaijani financial market in 2012. According to abc.az, MasterCard is in negotiation with the Central Bank of Azerbaijan, as well as Azerbaijan private banks regarding the implementation of projects on non-cash payments and the introduction of contactless cards for payments for applications in transit, dining and entertainment. read more »Mobile payment solution provider I Love Velvet announced that it has reached the second level of EMV certification (EMV2) which authorizes PIN and integrated chip payments from debit, credit and smart cards around the world. read more » |
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