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Thursday, June 23, 2005

Contacless Pay Cards :Technology Finding New Ways

(Via Forbes)Quicker. More secure. More fun. Stores, credit card companies and banks are giving consumers new ways to pay in the latest evolution of cashless payments. Credit cards with "blink" technology that lets users wave their cards near a computer reader instead of having to swipe them through a device have been introduced. Cards never leave customers' hands. Visa, MasterCard and American Express all have been exploring so-called contactless. And companies using biometrics like BioPay and Pay By Touch are signing up customers who want to use their fingerprints to access checking accounts. The risk is minimal since most missing cards are reported quickly, banks and credit card companies pick up on unusual card use that can signal a stolen card, and thieves typically don't use stolen cards for small buys. Tens of millions of cards with contactless technology may be available by next year. "In 2015, the magnetic stripe will be a piece of history”.
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Sadagopan's Weblog on Emerging Technologies, Trends,Thoughts, Ideas & Cyberworld
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