Earlier this week Mastercard and BlazeMobile introduced a new way you can outspend your budget. They unveiled a high-tech sticker that’s supposed to make us loose that extra plastic that makes your wallet so thick it’s uncomfortable to sit on. The sticker is based on the radio frequency technology to make contact with the point-of-sale terminals at retailers such as Best Buy, BP and McDonald’s.
Meta Bank will be the primary issuer for the stickers and they will work on most phones, including the iPhone. The “sticker” is definitely a good push towards contact-less payment but the big issue remains the merchant acceptance. In order to be able to support the “sticker” most merchants would have to make changes in their POS infrastructure, which for smaller businesses could become rather costly. Members will also be able to check prepaid balances from phones in real time. BlazeMobile currently has an iPhone app (Blaze Mobile Wallet) that is quite horrible and doesn’t work great when it comes down to contact-less payment, so let’s just wait and see how the “sticker” turns out.