TransCard Announces NFC Certification to Enable Contactless Payments

TransCard this week announced the completion of contactless Near Field Communication (NFC) certification for MasterCard PayPass contactless payment transactions. Financial institutions and corporate clients working with TransCard will be able to offer contactless payment programs that are either stand-alone or connected to an existing TransCard prepaid card account.
The recent announcements around NFC have validated the product in the minds of merchants and consumers. In June, the Financial Times reported that Google Executive Chairman Eric E. Schmidt believes a third of check-out terminals in retail stores and restaurants will be upgraded to allow wireless “tap and pay” from mobile phones within the next year. Such a development will prepare the ground for what he believes will be a “trillion dollar” industry of mobile advertising and payments.
Craig Fuller, CEO of TransCard, stated, "We are tremendously excited about the momentum in the NFC universe and the growing interest in contactless and mobile payments. We believe an entire eco-system is developing around NFC payments and TransCard is proud to be one of the select group of prepaid processors that is contactless certified."
The pilots TransCard currently has underway will provide further evidence of the various applications NFC prepaid can serve.