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The contactless payment card market in Asia is projected to exceed US$3 billion by 2009. Eager to tap into this potential are credit card companies, with Radio Frequency Identification (RFID) pilot tests being carried out by Amex, Mastercard and Visa in Malaysia, Japan and Singapore. While consumers involved in pilot tests in the US have expressed concerns over loss of privacy, initial results in Asia have been positive. Going beyond the clear benefits of ease of use, transaction speed and lower fraud risks, tests show that consumers also spend more with RFID enabled cards.
Pilots carried out by American Express have seen increases in spending of 20-30% over cash spending. MasterCard found that the value of transactions using RFID cards was 10% higher than with low value cash transactions. With their existing networks, clearing systems and well-established customer base, credit card companies are projected to push ahead with RFID technology as part of their service offering in the very near future, initially in more mature markets like Japan and Singapore. For a free 30-page whitepaper on the development of RFID enabled payment solutions in Asia, please email more@fusionc.com. We also encourage you to visit the RFID World exhibition and conference in Singapore, 27-29th April 2005. Visit our Financial services practice About Fusion Consulting
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