US Credit Cards: New Credit Card

By: EconomyWatch   Date: 6 October 2010

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EconomyWatch

The core Content Team our economy, industry, investing and personal finance reference articles.

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New Credit Card is a new form of credit card using advanced technology for faster transactions where a cardholder only has to wave the card in place of swiping. This new set of credit card use the technology known as “Blink” technology. New Credit Card is not required to be swiped through a traditional terminal but only needs to be waved over a special reader. These new credit cards are like a cool breeze in the traditional credit card market where the customers have got bored by complaining about the worn out magnetic strip of the traditional ones.

The leading banks are overwhelmed on this invention because it would speed-up the transaction process. Banks are rolling out the Visa and Mastercard branded credit cards by utilizing this new technology.

This new credit card is unique in itself and its functioning is also unique. This card consists of a special chip. The terminal in the merchant's shop is able to identify this special chip when the card is being waved over the terminal machine. After the card is being recognized by the merchant's machine, a beep sound occurs which signals the authorization of the transaction. Payment through the new credit card does not require the signature of the cardholder, which makes the transaction hassle-free, time saving and convenient.

The banks are trying to expand the reach of the new credit cards by adding more merchants to it. This card is expected to allure the X and Y generation and for this the card issuing companies are offering new sops like new payment options. This new credit card can be used at cinema halls, quick food stalls, medicine stores, and in certain retail outlets.

These new credit cards are less prone to duplication and data theft because of special encrypted software embedded in them.

But in spite of all these facilities there has been concerns aired by a certain section of the industry watchers on security and privacy issues. But with every new invention there have always been some concerns regarding it. So, it is natural that this new invention is also not void of any such concern. For this we have to compare the pros and cons of the new invention and then only we can give any concrete solution.

New Credit Card is a new invention in the credit card block, which is going to be facilitating the transactions between the merchants and the cardholders taking less time and formalities.

Related Links

American Express Credit Card		 Elan Credit Card Sears Credit Card
Chase Student Credit Card Exxon Mobil Credit Card Southwest Visa Credit Card
Chase Visa Credit Card Gm Credit Card Shell Credit Card
American Express Credit Card Gap Credit Card Washington Mutual Credit Card
Capital One Credit Card HSBC Credit Card Wachovia Credit Card
Chase Credit Card Online Payment MBNA Credit Card Western Union Prepaid Credit Card
Elan Credit Card Providian Credit Card Wal Mart Credit Card

 


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