NFC

Transport players are faced with several opportunities to meet both the rising expectations of end users and tap in to new revenue streams. The time to innovate is undoubtedly now, writes Myung-Hwa Calais, transport market director at FIME.

Contactless payments have become increasingly popular in the U.K. over the past couple of years due to the advantages they offer in terms of speed and ease of payment — but despite this, much of the U.K. public does not trust the format.

It's no surprise that London topped the chart of "Cashless Capitals" in a recent study, considering its status as a major fintech hub of the U.K. But this wasn't enough to make it the country's contactless capital.

Some of the biggest digital wallets in the world — including Alipay and WeChat Pay — succeed because they have very little in common with other big-brand wallets like Apple Pay, Google Pay and Samsung Pay.

There are still millions of merchants in the U.S. clinging to relic point of sale methods — and they are not easily swayed by fancy new touchscreens and mobile wallets. This means companies such as Verifone must go to greater lengths, just to meet them halfway.

Assuming that a wireless protocol is to be deployed for ease of use, the key decision to be made is the transport for communication between In-vehicle infotainment system (IVI) system and pump, writes Jim Carroll, chief technology officer at Mobica.

To see significant growth in NFC payments in the U.S. a movement to standardize terminals across merchants would be necessary, coupled with a willingness from consumers to test, trust and use the technology, writes Beatta McInerney, business development manager for payments at ScanSource.

U.S. card issuers are adding contactless technology to credit and debit cards — but they are doing so in slow, small steps.

The Olympics draw together fans from around the globe to cheer on their fellow citizens, and having such a diverse group of people in one spot can inspire companies to experiment with cutting-edge technologies.

There are still regions where contactless and EMV cards are slow to roll out, and Mastercard is working to bring these markets up to speed so that they are ready for future innovations.