The Future Of Credit Card Payment Security Methods

Credit card transaction processing has come a long way. You would never think of allowing a store clerk to just write down your personal account data and process it later, like they used to do. But you probably never thought that you would be able to just tap your card on a reader to process your transaction either.

Technology advances are quickly spreading to credit card transactions. The days of having to swipe your card and sign are getting close to being over. Now that everyone is worried about credit card fraud as well as faster processing new methods are coming about. You have to decide how you would like to pay either, credit, debit, cash, or EFTPOS and then which way you want your transaction to go through. You can still swipe but you can also dip the chip into the reader or wave your card over a contactless reader. You are probably wondering how each of these work and why you would choose one over the other, the answers are here.

New credit card processing methods:

• PIN – You can use a PIN (Personal Identification Number) in place of the signature if you have a credit card that has it enabled and if you know your number. Because you are supposed to keep your PIN secure you will be responsible fro any transactions that are made with it so you should take care to keep it in a safe place.
• Chip – This advance is used to prevent credit card skimming, which is when your personal data is stolen and then used to make cards or purchases. These cards negate the need for the magnetic strip that is so easily compromised. Currently Australia is transitioning to these cards and readers but skimming is still a big threat until all cards have been changed over to chips. Recently a skimming scam in Western Australian McDonalds boasted a loss of 2.5 million dollars.
• Contactless payments – Visa has Paywave and MasterCard has Paypass, both allow customers to simply wave or tap their card on a reader in order to process the transaction. This is being used for payments that are less the $35, like at convenience stores or fast food outlets to speed up the process.

Not all of these credit card payment options are available in all areas. There are still new products and new developments all the time. Each one hoping to make the process of using a credit card faster and safer. These two things are not easily accomplished as there are so many complex steps between your wallet, the purchase point, and the credit card company. Just keep in mind that each one is not just in your best but also in the credit card companies best financial interest.

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