If you buy something with your Visa card at Best Buy, you’ll have to go the old fashioned route, comparatively speaking, and swipe it. Visa demands that contactless payments have to be signed, which is more profitable for Visa but not for Best Buy. Visa refused to change their policy, so Best Buy says it will no longer allow customers to pay that way, reports StorefrontBacktalk. Mastercard doesn’t ban PINs on contactless payments and will continue to be an option. [More]
Do you wish you had a way to spend your money more easily, without all that opening-the-wallet or punching-the-pin-number manual labor? The trade publication Cards & Payments (registration required) says that it’s received a copy of a report filed with the FCC that indicates Citigroup is developing a Near Field Communication, or NFC, mobile phone that would allow its customers to make contactless payments at participating retailers.