E-Wallet In Watch Enables RFID Payments

Business Wire

Dec 10 2002 : Speedpass and Timex have released 4,000 first-edition 
watches containing a miniature Speedpass radio-frequency transponder, 
to facilitate payments at Exxon-Mobil gas stations or selected 
McDonaldsAE outlets.  

Consumers make a payment at these venues simply by waving their 
Speedpass-enabled watch, to which their credit or check card is 
linked, near an electronic reader at the gas pump or checkout counter.  

Until now, most ExxonMobil Speedpass users have used a mini-device 
that attaches to a keychain, to make Speedpass purchases, but the 
Speedpass-Timex watch now provides an extra, hands-free option.  

Over 6 million Speedpass devices are in use in the US today, and 
are accepted at the more than 7,500 Exxon- and Mobil-branded service 
stations and convenience stores.  

On average, Speedpass users at these stations increased their gasoline 
purchases by 15 per cent, per month, after adopting Speedpass. Exxon-
 and Mobil locations where Speedpass was introduced, also reported an 
increased sales lift of 4 per cent, with Speedpass representing 18 per 
cent of total sales at the pump.  

Security and privacy are ensured in that the customerAEs credit or check 
card number remains outside SpeedpassAE signal system.  

Selected McDonaldsAE restaurants in metropolitan Chicago and 
northwest Indiana also accept Speedpass payments as part of a 
program to link cash registers to high-speed card processing 
networks.  

ExxonMobil already "has a huge start" in the acceptance of its 
new payment technology, which "has to be adopted in large numbers 
by both consumers and merchants" for success, according to RFID 
analyst, Mark Haddad, of Dove Consulting.  

Given that Speedpass is to be extended to a national drugstore 
chain and a grocery retailer before year's end, its moves to 
achieve a "classic network effect" appear to be imminent.

                           -==-

Source: ePaynews ...
http://www.epaynews.com/index.cgi?survey=&ref
=browse&f=view&id=1039512530622215212&block=

Cheers, Steve..

---