Visa, MasterCard, American Express and Discover are rolling out Contactless Cards that helps you to pay faster for cheaper transactions like purchases on medicines, food-stuff and even your cinema tickets. The merchants are given special terminals where the cardholder just has to show the card above a radio-frequency reader, which confirms your payments via a green light. You might just not let anyone commit a card theft as it will come embedded in your cell phones and key chains. The Contactless credit card takes only 15 seconds and the credit card is issued only by Chase under the name of Chase Contactless. It is Contactless as you do no have to swipe it or tell your PIN number during the transaction.
If you already have a credit card what will be added is a contactless chip to mag-stripe credit cards, debit cards or prepaid cards. As far as the consumer acceptance of these cards is concerned, Robertson of the Nilson Report says that:
It will be a matter of time before consumers feel that this is the right thing to do. There won’t be an overnight change in consumer behavior because people have to get familiar with it, even though it’s not a big leap - the notion of tapping something as opposed to swiping is not a high-level skill.
Though the contactless chip in mobile phones would be a safer option there is no guarantee that the evolution would guarantee more safety. However, the cards have undoubtedly enhanced customer convenience on payments for smaller transactions.
