Contactless EMV

The large card corporations, Visa, MasterCard and American Express have been able to issue bank cards equipped with RFID chips optionally since 2006. Bank cards operating with radio frequency identifiers function as electronic wallets, allowing us to pay small amounts quickly at the gas stations or restaurants. This technology accelerates not only the payments but the ATM withdrawals, as fixed amounts can be withdrawn from the ATM without using any password or code.

Compared to normal bank cards,the price of the bank cards equipped with such chips and RFID is fluctuates at a slightly higher price level due to the expenses of the radio frequency identifiers. But in case of premium bank card types, the additional charges caused by RFID are insignificant compared to the annual card fee, so it is expected to be introduced in this product range for the first time.

RFID chips integrated into bank cardsallow the bank clients to use their cards for the following applications:

• Cards can be used as electronic wallets in order to pay quickly or withdraw small amounts from the ATMs (under HUF 5,000 and 10,000);
• Cards can be used by the bank clients as parking cards without fee, even in important(VIP) parking places;
• Cards can be used for secure net-banking in the bank area (or at any other place equipped with the appropriate infrastructure facilities), computer terminals, as clients can identify themselves by the cards electronically, on the Internet;
• Due to the sliding security scale of RFID identifiers, cards can be suitable for electronic signatures as well;
• Cards guarantee quick and simple ways of payments in case of the wholly self-service and twenty-four hour gas stations, which are expected to become general in Hungary as well, according to international trends.

Development and updating of the contactless payment standards are made by EMVCo, the Standardization Organization in Brussels, in compliance with the EMV standards (http://www.emvco.com/).