Smart Card Alliance to Address FTC Meeting on Contactless Payment
PRINCETON JUNCTION, N.J., July 10, 2008–Smart Card Alliance Executive Director Randy Vanderhoof will address policy makers, industry leaders, privacy advocates and other influential individuals at an FTC “Town Hall Meeting” on the subject of contactless and mobile payment. “Pay on the Go: Consumers and Contactless Payment,” will take place on July 24, 2008 in Seattle, Washington.
Today nearly ten percent of Americans have used or own a contactless payment card, according to new research conducted for the Smart Card Alliance by Javelin Strategy and Research in April 2008. According to JupiterResearch, there are 35 million contactless payment cards in the United States.
“It is exciting to see that contactless payment market penetration has reached this new level of visibility and recognition,” said Vanderhoof. “The FTC usually starts looking at new technologies after they’ve passed the early adoption phase and just before they start to take off. The fact that they would organize this meeting now underscores the momentum for contactless payments in the U.S.”
The Alliance study showed consumers like contactless payment: 63 percent of contactless users believe contactless is faster than paying with traditional magnetic stripe cards, and 57 percent believe contactless payment is easier to use. Awareness of contactless payment has grown too, to 25 percent of the U.S. population in 2008, up from 15 percent just two years ago.
“This meeting is an important opportunity for the payments industry, advocacy groups, educators, and retailers to help the FTC study contactless payments and mobile payments and learn from the experiences of consumers and businesses. It will stimulate a national dialogue on contactless payments from all sides and hopefully lead to a better understanding of the benefits and issues. We are very pleased to be participating,” said Vanderhoof.
More information about the Smart Card Alliance and the Contactless Payments Council can be found at http://www.securetechalliance.org.
About the Smart Card Alliance
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.
Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart cards, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America. For more information please visit http://www.securetechalliance.org.
About the Contactless Payment Council
The Smart Card Alliance Contactless Payments Council includes approximately 50 organizations and 120 active participants from across the payments industry. It was formed to focus on facilitating the adoption of contactless payments in the U.S. through education programs for consumers, merchants and issuers. The group is bringing together financial payments industry leaders, merchants and suppliers. The Council’s primary goal is to inform and educate the market about the value of contactless payment and work to address misconceptions about the capabilities and security of contactless technology.