Technology And Credit Cards

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Technology And Credit Cards

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Technology affects every aspect of our daily lives, and it`s seeping into the credit card world. There are few credit cards advances out there that might have you scratching your head. This year Google dropped the eWallet that allows you to pay with smart phone, while banks release mobile banking apps keep popping up left and right. Don`t shy away from the unknown, as it is better to embrace the new technology, as it can make using a credit card a whole lot easier.

Here are some of the newest technological advances in the credit card industry:

  1. NFC Processing.NFC stands for Near Field Communication. This technology changes the way that data is shared in the digital world. By simply waving or tapping two devices within inches of each other, information can be exchanged using NFC. This makes on-the-go payments like at the gas pump or at the convenience store quicker and easier. This short-range data exchange system is perfect for revolutionizing the credit card payment industry in the United States. The technology is currently being used in other areas across the globe, as many Smartphone`s are already equipped with the special microchip that makes NFC processing possible. The technology can also be used to transfer payments between two NFC users. Verizon, T-Mobile and AT&T have already teamed up with MasterCard and Visa to push the technology.
  2. Mobile Processing. This technology is good for business owners on the go, as it gives business owners the ability to directly target and accept payment from their customers. Mobile credit card processing allows the business owner to get rid of the long billing process, and take a credit card on the spot. Smart phone applications like PayFox by Merchant Account allow you to turn your smart phone or iPad into a payment terminal which accepts major credit and debit cards. All that is required is an extra card-reader that attaches to your device. The application has separate additional features for emailing receipts, added gratuities, and much more.
  3. Credit Cards With Webcams. In July 2011, Jumio, a California-based tech company released Netswipe which transforms any webcam into a secure credit card reader. The technology "bridges the gap between the security and trust of credit card payments at the point of sale and the availability and convenience of modern day online transactions," a Jumio representative said. In order for Netswipe to work, online shoppers just hold their credit card that they are using for payment in front of their webcam. Netswipe`s videostream first recognizes and verifies the details of the credit card on a secure connection. The good thing about Netswipe is that it doesn`t take a picture of your credit card or store your personal data anywhere.

As the world changes so should your credit card. Don`t fall behind the times, one of these credit card advancements could end up saving you time and money.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
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