Card associations push for low-dollar card payments

Card associations push for low-dollar card payments
Tags: Associations / Conferences, Bank / Credit Union, Debit / Credit, Other
March 9, 2006

ePaynews: Contactless payments in the United States are finding synergies with new self-service technologies and the card associations' moves to push low-dollar cash payments onto plastic cards and other devices. From 2003 to 2004, micropayment transactions of $5 or less grew from $2 billion to $5 billion, according to the American Bankers Association and Dove Consulting. Ipsos-Insight also has reported that 37 million U.S. consumers are open to using a payment card for micropayments, and almost 6.7 million individuals are willing to use cards for transactions costing less than $1.