Markets : Pre Authorised Debit
Pre-authorised Debit
The latest incarnation of pre-paid debit uses RFID (Radio Frequency Identification) technology. Contactless card schemes will enable users to purchase low value everyday items such as a newspaper by simply passing the pre-loaded card over a payment reader are already being tested. There will be no more signing or keying in PINs for trivial amounts, the contactless card solution does all the hard work speeding up the process considerably.
Pre-authorised debit is a system that can be used offline, thereby allowing retailers to incur only one transaction fee payable when a series of payments is put through at the end of the working week for example. Each pre-authorised debit card is linked to its cardholder’s account. The card registers a balance that can be topped up at an ATM or EFTPos acceptance device and be decreased whenever the cardholder buys something. By ‘ring-fencing’ funds in this way, the balance is guaranteed to be available for offline spending, thereby removing the risk for banks and retailers. ID Data’s LaunchPAD programme is the only complete end-to-end consultancy programme designed to provide implementation of pre-authorised debit solutions.
Our experience with contactless technology is unique. We developed the contactless security cards for the UN WSIS Summit in Tunisia in 2005. There couldn’t be a better recommendation for our pioneering technology. Click here to contact a member of our banking team.