Millions Of Australians Get Access To New Technology: Contactless Credit Cards
Posted January 20th, 2010
Credit card technology has recently taken another leap into the future as millions of card consumers were given the opportunity to try one of the new contactless credit cards.
The cards use radio frequency technology, similar to what you know from e-toll boots. The information is exchanged by means of a quick swipe in front of the checkout terminal.
Several Australian banks have offered these cards to its consumers; Commonwealth Bank, ANZ, Macquarie Bank, NAB have all embraced this new credit card technology. Currently the banks are limited with their promotions unless retailers start to update their terminals to accept payments via these cards.
Albert Naffah, the vice-president for strategy at MasterCard Australia said: “This has meant that a lot of people are not aware that they have the technology sitting in their wallets today.”
Thousands of merchants are accepting these new cards already, including 7-Eleven outlets and Sumo Salad. You can use the Visa contactless card for purchases under $100 and the MasterCard can be used for purchases under $35.
Visa spokeswoman, Judy Shaw, said: “They are aimed at replacing cash [which] still accounts for 70 per cent of transactions in Australia.”
Contactless cards are really designed to pay for low cost purchases to minimise the risks associated if you have your card stolen by data thieves.
Credit card companies have denied that these cards are more vulnerable to fraud than traditional credit cards. Fears about these cards have already been voiced in the US. A study made in 2006 found that contactless cards were vulnerable to so-called ”skimming” attacks.
The report found that: “An attacker with [a card] reader can harvest information from a card, create an inexpensive clone device, and make charges against the legitimate card.”
Mr Naffah said MasterCard’s ”PayPass” card must physically tap the scanner in order to be activated.
Source: Smh.com.au
Related posts:
Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
Add a Comment