As these changes take place over the next decade, the long- awaited cashless, cardless society will become a reality. Now banks are going back into the business, but a new factor is coming into play: contactless smart cards. Towergroup forecast that open cards will have more than a third of the market by 2007 4. I often think that it's a disruptive payment method for banks. In the pilot, participants will be issued with a nokia 3220 phone pre- programmed with their regular maybankard visa wave card information.

To many british people the concept of contactless payment is relatively new but in hong kong it has been around for almost a decade. Mastercard and visa have been active in assisting malaysian banks with the migration and with devising add- ons. How to get an oyster card. Consumers find it very useful, especially because it shares the characteristics of a transit purchase, " judge said, which is quicker than a typical credit card transaction. In order to deter customers from using coins rather than card, cash customers will be forced to pay a premium over card- carriers.

We're investigating contactless payments and we would still be interested in talking to transport for london if they change their mind. The use of contactless smart cards for low value payments is growing in popularity around the globe. Nucleus estimates that the market for cashless card transactions will be around £20bn and that there is space in the market for about four providers. January 2006 update - turning a transport card into an electronic purse.