News: "Contactless" Payments
The new buzz in processing is considered to be "contactless payment systems." There are companies who have recognized that there are over 2 billion cell phone customers in the United States. New companies have introduced payment by cell phone using your cell phone number. Funds are added by using your credit card or
bank account and can be done online. When the payment is done the transaction is texted to your cell phone and can be tracked on the companies website. Exxon and McDonalds has been using a speedpass type system where a device is scanned either a card or smaller device that transmits the signal and confirms the code embedded in the device and works as a debit and deducts money from your account.
For this to become a success the consumer and merchant has to spend quite a bit of money for the pos equipment and infrastructure. Also, the are security issues that the general public believes in the new wave system of payments. One of the front leaders is MasterCard and has been pro active in getting this achieved.