Speedy solutions for modern-day madness

By: Isla Campbell
Submitted: 2008-11-06 17:58:59
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It is a fact that life is busier than it once was. As it goes, the business world is fast paced and competitive, and with the rise of people focusing more on their careers, there is often little time to do everything.

Time has become a commodity: from fast food outlets to shopping online, everyday transactions are accordingly conducted with speed in mind. Many new products also reflect this change in lifestyle, with technology playing a large role in their advancement.

The banking world is no exception, with many developments – online banking and paperless statements, for instance - having been made. Indeed, utilising state of the art technology, there are a range of products and services that have been designed to make life that bit easier.

Take the contactless credit card as a prime example. Employing the use of ‘wave and pay’ technology, they aim to significantly reduce the transaction time for purchases amounting to £10 and under. The card only needs to be ‘waved’ over a reader for the money to be taken from your account, thus eliminating the need to hand over cash or type in a pin number. And, queuing time is also reduced.

Research has actually suggested that the average contactless credit card transaction takes an estimated 15 seconds to complete, whilst magnetic strip credit card and cash payments take 25 and 34 seconds respectively. They are ideal, therefore, for places where quick payments are important, such as in newsagents, pubs and car parks.

Offering the consumer numerous advantages, the contactless credit card differs from the more traditional magnetic strip cards in that it uses RFID (Radio-Frequency IDentification) technology. Consisting of a small chip and antenna, the card’s data is transmitted to a card reader - found in participating shops and outlets - without any physical contact.

One of the major benefits of the card is the security it provides. Indeed, since the RFID chip creates a unique number for every payment carried out, there is no need for your card number to be transmitted. This means that even if someone intercepts the transaction, the information would be useless to them.

Additionally, because the cards don’t have to touch the readers, there is no need to remove it from your wallet. This is advantageous since it reduces the risk of having your card stolen or of you accidentally losing it.

A pioneering technology, predictions are that the contactless credit card is the future. Indeed, many improvements have already been made, meaning consumers are increasingly getting a better deal. A quick scan of the marketplace can see you find some excellent deals like a built in Oyster card or 0% on purchases for six months!

This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.

Article source: Expert Articles

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