Is Cash Losing Its Cachet?(usage of contactless payment systems by credit card companies)

Publication: eWeek

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COPYRIGHT 2005 Ziff Davis Media Inc.

Credit card companies, through consumer promotions and lower fees for retailers, have been whittling away at the last few cash-friendly refuges.

And as though George Washington needed even more disrespect to be heaped upon his picture on the one-dollar-bill, contactless payment systems are now helping to take the green out of greenbacks.

Contactless payment systems are wireless small devices used to pay for goods and services, as opposed to credit or debit cards that must have their magnetic strips swiped (which is the contact). Typical RFID contactless units are key fobs such as ExxonMobil's SpeedPass or plastic bars, which are used for EZPass tollbooths.

A contactless system...

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