Ads
Mini-sized-Contactless Credit Card Arrives!
A new era in credit card technology has arrived and the whole concept of convenience through credit card use is being pushed to a new high. Credit card giant Visa and MasterCard have incorporated the latest Radio-frequency technology to achieve this.
Visa has come out with a couple of firsts in the credit card business – a mini-sized card, which is also a contactless card. The size of the card is half the size of the usual card and is just big enough to attach to a key ring.
However, the "contactless" feature of this mini card is the main draw for most customers and merchants. To put it plainly what this means is that you no longer need to swipe the card to pay. Visa declared that its Visa Contactless brand had surpassed 20,000 merchant acceptance locations in the US, making it "one of the most rapidly adopted payment innovations in Visa history".
Why? Growing concerns about security with the PIN based transactions specially with debit card pins being compromised by thieves who gained access into bank accounts have been the motive for Visa to implement RFID onto its credit cards.
Security feature: Visa's contactless Radio-frequency chip has Triple Data Encryption Standard; to ensure that the user’s account number and unique numeric code are generated for each transaction is not compromised.
User-friendly: By simply waving your card near the radio frequency reader you can make payments without a pin or swiping. You don’t even need to sign on the merchant copy when you pay – no contact anywhere. So at a store the staff can assist you in your shopping more as you save a lot of time with contactless payment.
Marketing ploy: Visa plans to offer more payment choices on the contactless card to increase awareness and tempt people into trying this new technology. If the marketing strategy works in a couple of years we might be cutting up our traditional credit cards for a contactless one.
--
Did you enjoy this post?
Comments
Post a comment
« How’s the retirement fund coming along? | Main | The Lowdown On Store Credit Cards »
Syndicate
Comments