March 15, 2006
Contactless Credit Cards Using RFID
The magnetic stripe on the back of your credit card is endangered and may become extinct in the next decade. The new kid on the block is the contactless credit card, which stores its data on an RFID chip embedded in the plastic of the card rather than on a magnetic stripe. The contactless cards are faster and more convenient than magnetic cards and are already available for use at certain retailers who have the special RFID readers installed at their POS. MasterCard has already begun to roll out its PayPass system in certain states, with Chase, MBNA, Citibank, HSBC, Citizen's Bank, and Key Bank issuing the special contactless credit or debit cards. Meanwhile, American Express has their own ExpressPay system in place on their new Blue and Clear cards.
For more information on the pros and cons of RFID credit cards, read Credit Card Blog's story: Contactless Credit Cards: The Facts
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