Britain closer to cashless society

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New credit cards with 'contactless' technology are being rolled out to millions of credit card users, a sign that cash could one day become a thing of the past.

The new technology on the cards allow users to simply 'tap' their credit cards over a payment terminal for purchases under £15 - without the need for inserting their PIN number - saving time with every purchase.

MBNA, Europe's largest credit card lender, is beginning a programme to roll out contactless credit cards for its millions of UK customers.

It will mean more than five million MBNA-issued credit cards will have contactless technology by the end of 2011; adding to around ten million similar credit and debit cards already in the UK market.

Research has shown that two thirds of people believe that in the future we will be able to purchase goods by fingerprint recognition, and a third think we will pay by having our retina scanned.

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World going Cashless

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• Cashless society benefits merchants and consumers, says Visa VP | Pivotal Payments

  "Cashless society benefits merchants and consumers, says Visa VP By Lauren Lindberg [Merchant and consumer benefits to electronic payment processing may be accelerating the shift to a cashless society] 13/01/2010 - The world is increasingly moving toward a cashless society, driven both by consumer demand and merchant preferences, a Visa official told the UK newspaper The Telegraph. Steve Perry, executive vice president of Visa Europe, told the newspaper that society is becoming increasingly cashless because consumers have found that electronic payment processing is easier than carrying around cash, and are consequently shifting from paper to plastic payment methods. In addition, debit and credit card processing is better for merchants because it costs less than handling cash, he said. "Because cards are less risky (the associated cost is estimated at 0.02 percent to 0.1 percent per transaction on cards compared with 0.1 percent to 0.2 percent with cash) and encourage spending, they are more efficient and better value," Perry told the newspaper. "Furthermore, card transaction fees are expected to fall.""

  tags: cashless, money, cards, RFID, society, News, Government, US, Law, Prophecy

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Cashless society benefits merchants and consumers, says Visa VP | Pivotal Payments

Image by Getty Images via Daylife

• Cashless society benefits merchants and consumers, says Visa VP | Pivotal Payments

  "Cashless society benefits merchants and consumers, says Visa VP By Lauren Lindberg [Merchant and consumer benefits to electronic payment processing may be accelerating the shift to a cashless society] 13/01/2010 - The world is increasingly moving toward a cashless society, driven both by consumer demand and merchant preferences, a Visa official told the UK newspaper The Telegraph. Steve Perry, executive vice president of Visa Europe, told the newspaper that society is becoming increasingly cashless because consumers have found that electronic payment processing is easier than carrying around cash, and are consequently shifting from paper to plastic payment methods. In addition, debit and credit card processing is better for merchants because it costs less than handling cash, he said. "Because cards are less risky (the associated cost is estimated at 0.02 percent to 0.1 percent per transaction on cards compared with 0.1 percent to 0.2 percent with cash) and encourage spending, they are more efficient and better value," Perry told the newspaper. "Furthermore, card transaction fees are expected to fall.""

  tags: cashless, money, cards, RFID, society, News, Government, US, Law, Prophecy

Posted from Diigo. The rest of my favorite links are here.

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debit-card-skimming-scams: Don't Use You PIN at the Gas Pumps!

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• debit-card-skimming-scams: Personal Finance News from Yahoo! Finance

  "Three steps to take to protect your account data from getting into the wrong hands Whether by choice or necessity, American consumers are increasingly relying on debit rather than credit cards. Debit card spending has risen steadily, growing from 47.7 percent of purchases made with plastic in 2003 to 58.9 percent in 2008 and it is expected to surpass 67 percent by 2013, according to the Nilson Report, a newsletter that tracks the consumer payment industry. When you use a debit card, the money is immediately taken from your checking account. While using debit guarantees that you pay as you go, these cards have downsides, including a growing appeal to thieves. "As economic conditions have worsened, there's been a noticeable increase in all types of card fraud," says Avivah Litan, an analyst specializing in fraud detection and prevention at Gartner Research in Stamford, Conn. "But ATM and debit-card fraud is the top area of concern we're hearing about from banks all over the world." More from ConsumerReports.org: • Pros and Cons of Debit Cards • Credit Card Perks • Post-Recession Investing Unlike credit-card thieves, who usually charge merchandise and then resell it to come up with money, people who create counterfeit ATM or debit cards by stealing your PIN and other account data can simply pull cold cash from your bank account. Using a technique known as skimming, they set up equipment that captures magnetic stripe and keypad information when you input your PIN at ATM machines, gas pumps, restaurants, or retailers. Here's how you can protect yourself: Don't Type in Your Pin at the Pump Be especially vigilant at gas stations, Litan says. "Gas pumps are notorious for skimming because they're produced by only a couple of different manufacturers, and if someone gets the key to one from a disgruntled employee, they can insert a skimming device inside the pump where it can't be seen," she says. She recommends using a credit card rather than a debit card when you fill your tank."

  tags: debitcardskimmingscams, RFID, Credit, Card, Debit, Real, ID, Pass, Passport, Technology, Gas, pumps, US, News, Government, USA, Freedom

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