Contactless payments are simply payment transactions that require no physical contact between consumer payment device and POS terminal. The contactless payment transaction holds the contactless card in close proximity to the merchant POS terminal and the payment account information is communicated wirelessly. Reports had shown that using contactless transaction can save half the time compared to using cash or credit card payment. Alternatively some merchants are using other forms such as keyfobs and mini cards to replace the traditional card size design to attract younger consumers to widely promote the use of contactless payments.