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Credit Card eZine - News and Articles about Credit Cards

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Contactless Credit Cards

Monday, September 29, 2008

Judging by the results of a new report, the number of contactless card users grows steadily. More and more customers take advantage of so-called wave cards that enable users to swipe their plastics over the reader and thus speed up the process of making new purchases with a card. The great thing about these plastics is that the transaction takes no more than half a second.

The study shows that over 90% of contactless card users find the process fast and easy. In addition to that, customers are satisfied with the acceptance of these plastics at various merchant locations.

Contactless plastics also known as RFID (Radio Frequency Identification) cards differ from regular ones in the way the information is stored. When using traditional plastics, you need to swipe them through a reader, as the information is stored on a magnetic stripe. In other words, the physical contact is required.

Not the same thing with contactless plastics. All you need to do is just to wave your card over the special RFID reader, and wait a bit for the acceptance indicator. The average speed of a RFID card transaction is 15 seconds, compared with 25 seconds spent on a magnetic stripe card transaction, and 34 seconds spent on cash transaction. The difference is obvious.

The secret of contactless plastics lies in a microchip embedded in plastic. All the information is stored on this chip fitted with a special antenna that transmits the data to a reader without any physical contact. Pleased customers and shorter queues have become the result of the contactless payment system.

If you are highly concerned about your credit card security, you may rest assured that your identity will be protected when using contactless plastics. RFID plastics use the most secure encryption standards, so that it's next to impossible for ID theft crooks to steal your personal data.

All the more so, the RFID plastic never transits your card number. The chip embedded in your plastic generates a unique number every time the transaction happens. So, even if a thief steals your number, it will be of no use.

But not only cardholders benefit from RFID plastics, but thousands of US merchant locations, including major retailers like 7-Eleven, McDonald's and others, also take advantage of RFID payment systems. First and foremost, this technology boosts the number of transactions at retail locations.

Credit devotion to contactless plastic is also high. Merchants reap multiple benefits from high total spending and reduced lines. This way, RFID plastics give great benefits not only to their users, but for merchants and retailers as well. It also must be mentioned that it will not take you much time to find such deals on offer if you want to apply for RFID plastics. Good news is that major payment systems offer RFID cards together with regular plastic money deals.

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