August 19, 2005

Contactless Payments Blink

"Blink" technology a computer chip with a high-security level of encrypted data embedded in a credit card, debit card or key fob is making its way through the current U.S. retail landscape in rapid fashion. Most consumers know it as the ExxonMobil Speedpass but thats about to change.

The technology is ideal for small-format retailer environments such as convenience or drug stores. No signature is required in a "blink" transaction, but most small-format retailers do not require signatures for electronic transactions less than $25.

In June, American Express began issuing payment cards embedded with RFID chips, following similar moves by MasterCard and Visa. Among off-premise retailers participating in the new "blink" initiative are 7-Eleven and CVS.

In Colorado and Georgia, Chase Bank recently rolled out credit cards with "blink" technology that let users wave their cards near an RFID reader at checkout, instead of having to swipe them.

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Posted by keefner at August 19, 2005 02:09 PM