Monday, March 14, 2011

Credit Card will talk to you

Imagine you credit card talking to you and displaying your balance, while doubling as a reward card. Well, your imagination will soon turn into a reality.

Dynamics Inc is developing such cards - due to be introduced in the US later this year - which will have wafer-thin microprocessors and would run on batteries that can last up to three years. However, the credit cards will only display personal information after a security code is entered.

Citibank has released the new 2G card, which has a programmable magnetic strip and buttons on the front for users to choose to use it as a credit card or just to spend reward point, the Daily Mail reported. A trial is currently ongoing and, if successful, it could roll out across the country.

Even MasterCard has just released a card that has a small LCD screen which displays a one-time code which the customer can use to make an online purchase. It means even if someone's credit card details are stolen, they will be useless to buy anything without the one-off code.

Banks, phone providers, Google and Apple, are also working on mobile payment systems which rely on short-range wireless technology that allows electronic devices to transmit encrypted data.

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