hat is a contactless What are the advantages of
credit card and how does contactless credit cards?
it work?
For starters, these RFID credit
For decades, credit cards have cards are much faster and more
relied on magnetic stripes convenient than traditional
located on the reverse side of magnetic stripe cards. A
the card to store data. To cardholder simply waves the card
transmit this data, the card must over the reader, waits a moment
be swiped through a magnetic for the acceptence signal from
reader, making physical contact the machine, and that's it.
with the stripe. A contactless There's no need to fumble for
credit card, on the other hand, cash, and with transactions under
stores its data on a chip $25, there is no need to key in a
embedded in the card's plastic. PIN code or sign a receipt. Just
This data is transmitted not wave and go. Also, since the card
magnetically, but rather via a never leaves the user's hand, it
tiny radio signal when the card is considered by some to be more
comes in close proximity of a secure.
special reader at the checkout
stand. This works through radio What are the disadvantages of
frequency identification contactless credit cards?
technology, also known as RFID.
When the chip comes close enough Some opponents to contactless
to the reader, an antenna on the credit cards have contended that
chip is jolted to life by the there are security risks with
electromagnetic field created by using these RFID credit cards, as
the reader, and transaction data the radio transmission could
is sent to into the system. potentially get intercepted by a
criminal with malicious
intentions. The good news, transactions will have a special
however, is that the actual symbol on their credit card
credit card number is not reader located at the checkout
transmitted via radio wave. stand. RFID credit cards can also
Rather, it is a unique encrypted be used at any location that
code only good for RFID accepts ordinary credit cards,
transactions. Also, just like since the new contactless cards
ordinary cards, cardholders are will still have a regular
not liable for any fraudulent magnetic stripe on the back.
charges.
Who offers contactless credit
Where can contactless credit cards?
cards be used?
All new American Express Blue and
Currently, Visa Contactless, Blue Cash cards now come equipped
American ExpressPay, and with the contactless feature.
MasterCard PayPass are available Also available from American
at select retailers in certain Express is an RFID key fob that
locations in the United States, can be linked to most existing
including 7-Eleven, McDonald's, credit card accounts. Chase has
KFC, Arby's, Walgreens, Sony teamed with MasterCard and Visa
Style, Wawa, Sheetz, CVS to offer Chase blink cards in a
Pharmacy, and a variety of movie variety of styles.
theaters. Retailers capable of
handing contactless credit card
About the Author:
Joey Loma recommends Find Credit Cards to apply for a contactless RFID credit card. See http://www.findcreditcards.org/type/contactless.php for more information.
Source: www.isnare.com
