MasterCard Will Start to Use Swipeless RFID Credit Card

21/09
2005

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MasterCard is going to replace their standard credit card with the new PayPass swipeless RFID credit cards. They expect to have up to 4 million of them in circulation by the end of the year. Using the RFID technology (explained later), you only need to wave your credit card at at retailer’s reader posted near cash registers or gas pumps, no need to swipe the card or to sign your signature.

Radio frequency identification (RFID) is a method of remotely storing and retrieving data using devices called RFID tags. An RFID tag is a small object, such as an adhesive sticker, that can be attached to or incorporated into a product. RFID tags contain antennas to enable them to receive and respond to radio-frequency queries from an RFID transceiver. [ source ]

MasterCard, and other credit card company that already use swipeless card (American Express, JP Morgan Chase), claim that the new credit cards are as safe as the traditional credit cards.

As reported by Reuters, Ruth Ann Marshall, Americas president for MasterCard, said the pay-pass cards were “easier to use than cash” and were one of the products MasterCard was counting on to increase revenue and profits as it faces a variety of challenges in the marketplace, including new rivals and regulatory scrutiny.

“It’s just one of the … breakthroughs in technology that we’re pursuing in order to increase convenience and boost usage,” Marshall said.

[ Via Engadget ]

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