As technology continues to improve, contactless smartcards help people manage their finances and make purchases.
According to a report by Southwark News, the introduction of chip-and-PIN to plastic cards is the next major development in the field. More cards now have the ability to make contactless payments, ensuring shoppers enhanced security.
With contactless payments, the smartcards never leave the shopper’s hands, meaning they are less likely to misplace or forget the cards in the store. By entering a PIN, shoppers confirm their identity to deter possible theft.
“It’s fair to say that credit cards aren’t going to be going anywhere, but their future is looking increasingly positive,” said the article. “New technological advances make them more secure and a greater emphasis on ethics brings benefits for everyone: now it’s time to put it into action.”
Last year, 5.9 billion plastic cards were shipped worldwide, growing more than 20 percent from 2009, according to ABI Research. This number is expected to increase during 2011, as more regions adopt the technology.
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