- Holo Industries -Holographic Payment Terminals: the new way to pay! 💸

Mastercard has spearheaded the worldwide shift to contactless payment terminals for years, championing a germ-free and simple customer experience.In 2021, Mastercard teamed with Holo Industries to develop contactless holographic payment terminals. Now, customers will be able to enter their PIN and sign their name for Cardholder Verification, in mid-air — keeping the entire process efficient and completely contactless. Read on for the rest of the story:

Holographic payment terminals provide
a secure, touchless user experience

The Covid pandemic lured a large number of customers from brick-and-mortar retail stores to on-line shopping. In an effort to bring shoppers back in-store, merchants are employing new technologies such as experiential marketing, holographic 2D and 3D displays and hygienic contactless payment terminals. The contactless payment option was given a boost in 2020 by a mandate from the World Health Organization:

Last year alone, contactless transactions grew twice as fast as traditional checkout methods at grocery and drug stores with customers citing “safety and cleanliness as key drivers.”1. In addition, according to Mastercard’s New Payments Index:·

-63 percent of global consumers made a purchase or payment for something in-person in the past six months.·

-58 percent find tapping a contactless debit or credit card very/somewhat secure.·

-61 percent are very/somewhat comfortable using contactless debit or credit cards to make purchases.

What is Contactless Payment?

Contactless payment (Tap&Go™️), is a transaction facilitated by the EMV chip or a radio frequency identification (RFID) tag on a smart card. While a card with an EMV chip needs to make physical contact with a terminal during a transaction, one with RFID transmits information through radio waves and only needs to be in close proximity to the terminal for activation. Either connection is made to the near-field communication (NFC) reader on the merchant terminal, and the customer is billed for their purchase after the wireless connection is made. The entire transaction is concluded without physically touching a PIN terminal — unless the user exceeds the Cardholder Verification Limit.

^{Mastercard Prototype with Tap&Go capabilities}

The Cardholder Verification Limit

For security reasons, contactless purchases are often limited to a maximum amount per transaction, or the Cardholder Verification Limit (CVM limit). Transactions over the CVM limit requires additional verification such as a PIN or signature. The requirements vary depending on the country. In the UK the limit is £100per transaction, in Canada the limit is $250., and for very large dollar amounts, a signature is also required. The CVM limit can be also be an aggregate of the daily transactions: in Belgium, for instance, when several contactless payments in a day reach the total amount of €125, a PIN is required. All of these actions, of course, invalidate the concept of a “Contactless” purchase.As a solution to the CVM Limit and extend the user experience beyond Tap&Go, Mastercard and Holo Industries have co-developed a unique groundbreaking technology known as Holographic Touch™️.

Holographic Touch: Contactless Transactions without limits

Holographic Touch™️. Allows consumers to perform all the Tap&Go actions required in a contactless payment terminal, including interacting with a holographic keypad to enter their PIN, or even sign their name in mid-air. With this solution, when a retailer or bank requires a PIN or signature to approve a large or aggregate number of transactions, the consumer can quickly and effortlessly perform all the functions without ever making physical contact with the terminal.

Holo Industries

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