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paywave

Credit card institutions and the savings bank association have developed their own online payment systems with contactless NFC credit cards and are trying to establish them on the market.

The system

iscalled Girogo at the Sparkassenverband, Paypass at Mastercard and Paywave at Visa. All payment systems work with NFC credit cards in passive mode. This means that the credit cards receive their energy from the NFC reader

via the electromagnetic field.

NFC credit card and terminal, photo: dobbrickfinancialservices.com.au

NFC credit card and terminal, photo: dobbrickfinancialservices.com.au

Paywave works without a credit amount. The user

can pay small amounts of up to €25 directly by holding the NFC credit card close to the NFC reader. During the payment process, only the invoice amount, the credit card number and the due date are transmitted from the NFC credit card to the NFC terminal. The transaction is confirmed by a confirmation signal that is transmitted immediately after the payment process. Settlement is made via the credit card statement. The Paywave system is being offered on a trial basis in taxis and accepted by various petrol station chains.

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Englisch: paywave
Updated at: 03.11.2014
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Translations: DE