Will the new technology replace credit cards?
At Contactless, a leading provider of advanced, open-standard contactless chip technologies, and First Data, a global leader in electronic commerce and payment processing services, announced that they have signed a three-year agreement in developing contactless payment stickers, which First Data will market as GO-Tag products. On the agreement, INSIDE is to supply the MicroPass payment sticker prelams entirely to First Data-qualified card manufacturers for production.
With this agreement, it helps leverage the core technology from INSIDE Contactless and the issuing and transaction processing power of First Data. First Data will be marketing and distributing GO-Tag products to financial institutions, major U.S. merchants, and other distribution channels in a variety of form factors.
First Data’s GO-Tag Solution represents a very important step into the future plastic cards and fobs, and offers a bridge to the future of mobile payments according to Barry McCarthy, the general manager of Mobile Commerce and Point of Sale Solutions at First Data. “Our partnership with INSIDE Contactless enables us to offer consumers an opportunity to turn just about any personal item, from a mobile phone to an employee ID badge, into a payment device.”
According to Charles Walton, executive vice president of payments for INSIDE Contactless, the agreement highlights the versatility of the MicroPass platform to support a variety of contactless payment applications and form factors, also stickers.
You might also want to consider updating your restaurant POS system to Contactless credit card acceptance in the near future, because their technology is becoming more and more common in the marketplace. Customer service is all about speed and the faster we can process transactions at the restaurant point of sale terminal the better our customer experience will reflect on the value of our services.