Contactless payments

The future of brick and mortar retail is somewhere in the swamps of Jersey. Buried beneath a virtual sea in a place once called Xanadu is an underwater version of New York, a nautical Times Square where marquees scream “Piranha of the Opera,” and “Krill Grill.”

Moynihan says the bank’s consumer market share could be doubled; retail terminals would connect customer’s hand print with their card information.

Despite the convenience wearable payments hold, there are still obstacles that remain. Some factors are cultural, such as cash usage, or even more deep seated in the human mind, such as concerns over security.

The Toayuan Metro transportation company in Taiwan plans to launch a payment system to allow passengers using contactless cards to travel from the capital city of Taipei to the Toayuan International Airport.

Two of Australia’s biggest banks, National Australia Bank (NAB) and Commonwealth Bank of Australia (CBA), are competing to be the first to commercially launch tap-on-phone contactless payments in the country.

Going contactless has been a bigger challenge in New York because of the size and complexity of its transit systems.

Banks are increasingly sharing data and must brace for new regulations protecting that data.

Apple has launched its contactless Apple Pay Express Transit Mode, which does not require authentication such as Touch ID, for the Transport for London mass transit services.

Apple has launched its contactless Apple Pay Express Transit Mode, which does not require authentication such as Touch ID, for the Transport for London mass transit services.

Adoption of contactless is already well under way, and in a few years consumers will likely look back and recall the bad old days when valuable time was taken up waiting for transactions be processed and wonder how they ever coped without the speed, ease and convenience of contactless payment cards, writes Fiserv's Jamie Topolski.