QI Systems Inc. Developing Products for RFID-Enabled Smart Card Applications.DALLAS & RICHMOND, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). -- QI Systems Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :QIIIF), a leading developer and integrator of smart card payment, access control and tracking solutions, today announced that QI product engineers are now developing hardware and software components that support RFID-enabled contactless payment Contactless payment systems are credit cards, key fobs, or other devices which use RFID for making secure payments. The built in chip and antenna enable consumers to wave their card or fob over a reader at the point of sale. systems. RFID-enabled payment systems are rapidly gaining in popularity with merchants and consumers in the U.S. Small-value transactions can now be quickly completed using a payment card with a built-in microchip and wire-loop antenna utilizing very-short-range (several inches) radio waves Radio waves Electromagnetic energy of the frequency range corresponding to that used in radio communications, usually 10,000 cycles per second to 300 billion cycles per second. to securely transmit account information from the card to the merchant point-of-sale terminal. There is no need for the merchant to swipe the card through a reader, so the cardholder card·hold·er n. One who holds a card, especially a credit card. card  hold always remains in control of the card and transaction time is optimized. MasterCard, Visa and American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. are actively promoting contactless-payment versions of their cards. The International Standards Organization See ISO. has established an implementation specification enabling these credit-card leaders to share a common transmission protocol. That in turn facilitates the programming of a single merchant point-of-sale terminal to accept and process transactions from all three companies' payment cards/devices. Merchants and cardholders alike should benefit significantly from the enhanced convenience and security offered by a broader selection of contactless payment solutions. The adoption of ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. standardization by the credit card industry also creates a number of strategic opportunities for QI. Initial corporate projects using contactless cards will include applications for MasterCard PayPass(R) and stored-value initiatives using the ISO-compliant MIFARE(R) DESFire chip technology developed by Royal Philips Electronics, a world leader in establishing contactless smart-card standards. About QI Systems QI Systems Inc. develops and markets innovative chip-based card payment and tracking solutions for a number of industries as well as national, state and local government agencies. QI's products and core competencies include smart-card and stored-value systems, security protocols, data communication software design and hardware manufacture. For more information about QI Systems Inc., visit http://www.qisystems.ca/. Matters discussed in this press release are "forward-looking statements" and are subject to certain risks and uncertainties. Consider all risk factors carefully when evaluating forward-looking statements, as actual results may differ materially from current expectations. QI Systems undertakes no obligation to publicly update such forward-looking statements. |
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