The widespread use of contactless payments
The first contactless payment occurred in 1997, when ExxonMobil's Speedpass system allowed motorists to wave their Speedpass to pay at petrol pumps. It wasn't long after this introduction that contactless payments popped up in a more versatile format, with BPAY launching in the same year. This was the first time a payment system enabled payments to be made through a Financial Institution's online, mobile or telephone banking facility – and weren't we excited!
In 2004, tech companies Sony and Philips came together to create the Near Field Communication Forum, which was designed to promote and increase security around near-field payments. This promoted all kinds of wireless payments, such as 'smart-posters' and 'Google Checkout' in 2006. In 2007, contactless payments were ramped up even further with the introduction of PayWave, which allowed a near-seamless payment experience through holding credit card in front of PayWave-enabled terminals.
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