Cardis Enterprises International is introducing its small value contactless payment solution to the European market.
According to Cardis, costly back-end shadow accounting and high-processing costs have kept low value contactless payment solutions from giving consumers an obvious advantage over using cash.
Cardis addresses this issue by introducing an industry-first end-to-end transaction aggregation system, which enables the reduction of the per transaction cost by enabling many individual low-value payment transactions to be aggregated into a single (higher value) debit card transaction, without the need for per transaction reconciliation (or shadow accounting), posting or processing at any point in the value chain.
According to Edgar, Dunn & Company, who performed a review of the solution, the new system “fundamentally alters the economic model of low-value card payments, offering superior economics compared to existing card payment solutions. The processing costs become proportional to the transaction value, allowing even the smallest transaction to be profitable for all stakeholders.”
The solution supports multiple payment forms, including contact/contactless EMV cards, NFC mobile phones, NFC stickers, microSD cards and more.