June 07, 2005

Contactless Card News

American Express Begins Issuing Contactless Payment Cards Nationwide and Signs 7-Eleven, Inc. as Newest ExpressPay Merchant.

ExpressPay adheres to ISO 14443, the interoperable standard that has been adopted by the major payment brands for conducting contactless payments. 7-Eleven currently has ExpressPay-enabled readers in 170 stores in a test market and plans a full roll out to its more than 5,300 U.S. stores by early 2006.

American Express has been testing ExpressPay since 2002. The pilots
involved many thousands of consumers making more than a million transactions with ExpressPay at hundreds of merchants. Test results showed that, on average, ExpressPay transactions are 63 percent faster than using cash. Market research with pilot participants also confirmed that consumers view convenience and simplicity of use as two of the major benefits. Important merchant benefits include reduced transaction time and increased spending relative to cash.

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Posted by keefner at June 7, 2005 02:18 PM