Requirements Analysis on Pay Wave

Pay Wave in this paper refers to technology which provides contactless payment between the Pay Wave card and the Point of Sale (POS) Terminals. Pay Wave uses Radio Frequency Identification (RFID) Chip which is embedded in the cards for contactless payment. It can also be embedded in Smart phones, watches, key rings for the advanced use. The customer just needs to wave the card in front of the POS Terminal and the transaction will be done in less than 1/2 second. This paper analyses the requirements of Pay Wave and focuses on the advantages of this new mode of payment.