Your Credit Card Just Got Smarter
Will credit cards ever be safe anymore?
Seems like there’s an app for just about everything now a days and Visa and MasterCard are the latest companies to jump on board by introducing a new way to spend. The Internet-based technologies will allow consumers to make purchases without having to pull out a credit card, simply by tapping their phone to a store’s card reader.
Due to the ill-fated Target breach, banks and merchants are hard at work, coming up with new and innovative ways to enhance financial security. The EMV smart chip cards, short for Europay, MasterCard and Visa contain a microprocessor that stores and transmits encrypted data, making it difficult to counterfeit.
However, many are still concerned with the safety of the new card. In fact, security experts have expressed a need for other technology, like tokenization or end-to-end encryption, to secure the payment system. Looks like the amount of phone thefts just might double this year. Still, in all, it is a step towards fixing the precarious system.
Is this a good idea or just another good attempt? Sound off.