Industry News | March 31, 2009

The New Payment Method That Might Make Credit Cards Obsolete

INSIDE Contactless, a leading provider of advanced, open-standard contactless chip technologies, and First Data, a global leader in electronic commerce and payment processing services, today announced they have signed a three-year agreement to develop contactless payment stickers, which First Data will market as GO-Tag products. With this agreement, INSIDE will supply MicroPass payment sticker prelams exclusively to First Data-qualified card manufacturers for production.

The agreement leverages the core technology from INSIDE Contactless and the issuing and transaction processing power of First Data. First Data will be marketing and distributing GO-Tag products to financial institutions, major U.S. merchants, and other distribution channels in a variety of form factors.

“First Data’s GO-Tag Solution represents an important step in the evolution from today’s plastic cards and fobs, offering a bridge to the future of mobile payments,” says Barry McCarthy, general manager, Mobile Commerce and Point of Sale Solutions for First Data. “Our partnership with INSIDE Contactless enables us to offer consumers an opportunity to turn just about any personal item, from a mobile phone to an employee ID badge, into a payment device.”

“This agreement highlights the versatility of our MicroPass platform to support a variety of contactless payment applications and form factors, including stickers,” says Charles Walton, executive vice president of payments for INSIDE Contactless.

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