back Back

4 Companies offering contactless payment cards in the US

By Delisha Fernandes

May 21, 2024

  • American Express
  • Bank of America
  • Citi
Share

contactless card paymentsThe pandemic significantly boosted the popularity of contactless payment options, and consumers have grown fond of using touch-free methods. Contactless cards offer a convenient way to pay for purchases at the point of sale without needing to insert the card into a terminal or hand it over to a cashier. Additionally, they eliminate the need to enter a PIN or sign a receipt.

Contactless cards utilize RFID technology, allowing users to hover or tap their card over a terminal to conduct a transaction. The card emits short-range electromagnetic waves containing credit card information, which are captured by the point-of-sale system and processed to complete the transaction. As Americans increasingly recognize the advantages of mobile wallets and contactless cards, more issuers are introducing cards with these capabilities.

Here are 4 Companies offering contactless card payments in the US:

American Express Card offers contactless feature that allows users to pay at any place by holding the Card close to the reader and authorizing the payment. Contactless payment by American Express comprises same security as Chip & PIN and leverages unique encryption keys that provide protection against counterfeiting. The American Express contactless Card can be added to the users’ device’s digital wallet to make safe and secure purchases in-store, in-app, and online.

Bank of America has also focused on offering contactless credit cards and debit cards, and all of the credit cards on its website currently display the contactless payment symbol on the front. This means that its top cards offer this technology, including the Bank of America® Unlimited Cash Rewards credit card and Bank of America® Premium Rewards® credit card, to name a few.

Majority of Citi’s credit cards are already contactless, including the Citi® Double Cash Card and Citi Premier® Card. Citi contactless credit cards come with a Near Field Communication (NFC) chip. The NFC chip transmits card information on the terminal. This eliminates need to swipe or dip your card in the terminal. Customers can use their card for any of purchases within the credit limit.

Wells Fargo only offers debit cards and consumer credit cards with the contactless feature. You can continue to insert your card’s chip at chip-enabled terminals, or swipe the magnetic stripe, if you do not wish to use the contactless feature.

Also read: Global Payments Vendors and Landscape Report Q1 2024

 

Previous Article

May 21, 2024

Navro launches local accounts for business customers

Read More
Next Article

May 21, 2024

FWD Insurance & Bank Simpanan Nasional to drive financial inclusion in Malaysia

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

American Express

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

4 Open Banking platforms shaping the future of financial data in the US

Read More

Today

TerraPay & Thredd to power virtual card payments for the travel industry

Read More

Today

Mexican FinTech unicorn Clip secures $100m investment

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023