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Contactless cards could carry bank, transit apps

May 4, 2006

ePaynews: As contactless payment cards reach critical mass in global markets, the potential for banks and transit authorities to jointly issue a single contactless card is being examined. Card-issuing entities in both sectors are using the international contactless payment standard, ISO 14443, which increases the scope for collaboration. Banks in South Korea already issue Visa-branded credit cards with a transit fare application, and Visa has reported that its card activation rates increase by 27 percent, and spending by 9 percent, if transit fare payments are supported.

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