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The 'wave' of the future

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posted on May, 19 2005 @ 02:40 PM
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J.P. Morgan Chase set to issue new 'contactless' credit card that you wave instead of swipe.


Tired of swiping your credit card over and over because the magnetic strip is worn? Help is on the way: cards that you wave, rather than swipe.

the nation's largest credit-card issuer, said Thursday it will issue a new credit card with so-called "blink" technology that can be waved in front of a special reader, as well as being swiped through a traditional terminal.

The nation's No. 2 bank said it will start rolling out the cards this summer and reissue new "blink" cards to existing customers.

"We believe these innovative cards with blink will provide merchants and cardmembers with the increased speed and convenience they want at the point-of-sale," said Carter Franke, chief marketing officer of the company's credit card division, in a statement.

J.P. Morgan Chase has about 94 million credit cards in circulation and is the first bank to issue Visa- and MasterCard-branded cards with the new "blink" technology.

money.cnn.com... =yes

The "contactless" cards contain a special chip recognized by a merchant's terminal when consumers pass the card in front of the machine. The reader beeps to signal that the transaction has been authorized.

The new payment method doesn't require a customer signature, making it more convenient and time-saving for consumers.

The new cards are embedded with encryption software to prevent duplication and data theft, the bank said, noting there was less chance of losing a card if you don't have to hand it to a store employee.




posted on May, 19 2005 @ 02:45 PM
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I wonder how they'll go about implementing some sort of security for this new card? How do you know that the actual person who is holding the card is the person that is supposed to be holding the card? I think the answer is probably going to be some sort of biometric scan like a finger print. It's only a matter of time till the two ideas are merged. "Blink" technology with the security of a biometric scan. Or as some might call this, an implanted chip.



posted on May, 19 2005 @ 03:00 PM
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That's what I was wondering. Without some form of "signature" how will they stop fraud. Unless they do use some form of biometrics, thumbscan or maybe retina.
Without some form of security, what's to stop someone from just waving a found or stolen card.


J_3

posted on May, 20 2005 @ 02:19 PM
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Interesting news.

Interesting concerns also. Why would identity theft be a problem more so with this method? I'm sure the stores, etc. still require ID and so on. The only difference is that it required no physical contact.

It seems like a step toward requiring chip implants in the future. With all of these scanning units put in all the stores, if one day they decide to require a chip or iris scan for example, the tech would already be ready and in use.


J_3

posted on May, 20 2005 @ 02:19 PM
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[edit on 20-5-2005 by J_3]




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