Contactless cards are the newest in payment technology, allowing for greater speed and security in payments you make every day.
The Evolution of Payment Technology
Many of us remember paying with a credit or debit card by handing the card to the cashier to swipe the card for us. Then stores began adding a machine so customers could swipe their cards themselves. That way, credit and debit cards wouldn’t leave the customers’ hands, increasing security.
Most recently, we began “dipping” our cards by inserting the chip on one end into the card reader. This was another measure taken by banks to increase security. Smart chips are much more secure than classic magnetic strips, because the chip is similar to a mini-computer, allowing the card to talk to the card reader without giving up its information.
The latest technology is contactless card payment, which allows customers to submit a payment with a debit or credit card through “tapping” the card on the reader. This is a technology that is widespread throughout Canada and Europe, and now it’s coming to the United States. In fact, Carter Bank & Trust now offers this technology in all of our new Visa debit cards.
Contactless (tap and go) payments are just as secure as contact chip payments but much faster. They are meant for quick, small purchases to increase convenience and speed. Experts believe that the processing speed for contactless payment is about twice as fast as the previous technology. In addition, if the PIN is required, it is only on larger purchases – increasing the speed of the payment process even further.
If speed isn’t a good enough reason to try it, consider the health benefits. As flu and cold season approaches, contactless payment will help decrease the number of people who will need to touch card readers at the grocery store, drug store and other retailers.
Bringing Technology to Your Community
We are excited to be at the forefront of this technology in the United States in rolling out contactless cards to our customers beginning next month. It is our pleasure to be a community-minded bank that offers our customers access to the latest in payment technologies.
For more information about contactless debit card and how to use them, check out our website, CarterBankandTrust.com.