Contactless transaction processing utilizes Radio Frequency Identification
technology (RFID) and typically consist of a small card that you pass
by a nearby reader. The reader communicates with the card via a radio signal to
verify the transaction against your credit card or checking account.
Bringing customers and retailers together to make the buying experience
faster and easier to provide a competitive advantage. Early results show the
technology to not only be efficient, but it just might induce you to buy more
than you originally thought or visit the store more frequently. Building on the
success of the retail-fueling program, these new RFID products are changing the
way retailers serve their customers - speeding purchases and personalizing
services helps build brand preference and enhance customer loyalty. Information
on individual purchase patterns and product preferences can be automatically
collected to help store owners deliver more personalized, higher-value service
and create new marketing methods. One of the most appealing aspect of
contactless transaction technology is that it brings the benefits of credit card
payment to even the least-expensive purchases. Billions of small purchases
transacted each year with cash can now be made with a contactless plastic.
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