Banks are to Issue Only Paypass Cards

Visa and Mastercard ordered banks to issue contactless cards: the song remains the same

Today, NewsDaily has published the news that international payment systems will oblige banks to issue only contactless cards, allowing them to pay for a one-touch purchase. However, banks received the corresponding prescription several years ago.

All MIRV banks are truly familiar with these regulations for several years now.

A letter of prescription about the need to switch to the function of contactless payment was issued by international payment systems a few years ago. This was confirmed by many bank managers.

At the same time, notes B. Korgins, “no one talks about the rejection of the so-called. “Classic” payments with a smart card reader or magnetic reader. Simply if until now it was possible to use acquiring equipment without the function of receiving contactless cards, now all POS terminals must be equipped with an appropriate reader. ”

He believes that cards with a built-in contactless circuit with small runs will cost banks 1.5–2 times more expensive and smaller regional issuing banks will have a harder time going through the transition to contactless cards than big players in the banking sector. B. Korgins suggests that the prices for servicing cards at certain tariffs will slightly increase, thus compensating for pension and other social projects.

“If we talk about acquiring infrastructure, we can say with confidence that 95% of the entire terminal fleet operating in Europe and the Americas supports contactless payments on cards, NFC gadgets, and also accept alternative payment methods from leading manufacturers of mobile smartphones . In other words, the final transition to contactless cards should not in any way affect the comfort of our citizens, ”the expert concludes.