The global contactless payment market is booming, in response to consumer demands for safe, quick and convenient ways to pay for purchases. In fact, the market is forecast to reach $9.88 billion by 2018, growing at a compound annual rate of 18 percent, according to analyst firm Research and Markets.
FEIG Electronics, a global supplier of RFID readers and antennas, and PureWrist™ have launched new contactless payment devices that are expected to revolutionize consumer purchasing experiences.
Both FEIG and PureWrist demonstrated innovative contactless payment systems using Near-Field Communication (NFC) technology at the CARTES Secure Connexions America conference, held in May in Washington, DC. FEIG introduced new cVEND contactless payment systems at the conference, presenting the evolution for secure contactless payment and ticketing for public transport.
cVEND systems are available in three variants, including cVEND plug for seamless integration into validation terminals, and cVEND box which can be mounted in any metallic kiosk-type system, terminal or ticket gate; with or without a display. All cVEND devices offer outstanding reading ranges and transaction times, as well as one of the most secure mechanisms for payment systems.
“cVEND is ideal for both stationary ticketing machines or open-loop ticketing with check-in and check-out functionality on buses and trains,” said Michael Hrabina, executive vice president, FEIG Electronics. “Payments are quick and easy with contactless credit cards, NFC-enabled smartphones or a ‘tap and go’ payment bracelet like the new PureWrist.”
For mass transit companies and municipalities, a partial or complete conversion to contactless payment methods can significantly reduce costs for paper tickets and smart cards. And for consumers, contactless payment systems offer a quick and secure way to use public transport systems or make payments.
Offering consumers a new twist on payment systems, PureWrist™ is a secure, fashionable and durable payment-enabled bracelet. Integrating a contactless prepaid, reloadable debit MasterCard®, this unique new product delivers an effortless payment system with just a flick of the wrist using NFC technology.
PureWrist™ makes payment convenient and fast with an online platform that allows users to manage their personal accounts, track spending and load funds onto the card. The company behind PureWrist is currently running a 30-day Indiegogo campaign to raise funds for mass production and shipment of the product, with 20 percent of the net profit going to The Leukemia & Lymphoma Society.
“The FEIG cVEND product was the highlight of the CARTES show, thanks to its ease of installation, high security with PCI compliance, and EMV compliance,” said Ari Gardiner, co-founder of PureWrist. “This sort of payment system is the perfect complement to PureWrist, offering a completely secure, expedient and simple system to meet the growing demand for contactless payment.”