Contactless Credit Cards : Wave with Blink Technology

The credit cards which are “waved” near card readers instead of swiped and signed — move customers through checkout lines faster. And because buyers aren’t reaching into their pockets for cash, they may spend more.

Credit Cards are embedded with a computer chip that holds account information. New readers will be installed on top of existing swipe-and-sign devices at checkout counters.

They have built-in sensors so that if anyone attempts to retrieve the confidential data on the chip, the smart card chip will disable itself. Thieves could use it but couldn’t access and duplicate information.

JPMorgan Chase said last week that it will issue millions of Visa and MasterCard credit cards with what it calls “blink” technology. They will be available in late June in major cities and nationwide soon.”

I still remember the days when merchants used to imprint the impression of the credit card on the counterfoil, get it signed and phone the bank for approval code! And it was not too long back.