Credit cards are a major mode of payment globally. Credit card providers are adding more features to make them more appealing to their customers. These features include branding, new card designs and more. This is being done with the aim of improving convenience as well as providing improved security in all areas where credit cards are used. There are certain exciting innovations that will change not only the way we use our credit cards, but also how secure they are, and below we will look at a few of them.
Cryptocurrency Credit Cards
Although cryptocurrency did not take off as well as most of us had imagined, it still remains a robust way of making payments. Bitcoin wallet companies are now finding ways to take cryptocurrency mainstream and the way they are doing this is by issuing cryptocurrency credit cards.
These credit cards allow you to pay using Bitcoin or any other cryptocurrency you hold and that is accepted by the merchant you are buying from. These cards also work even when a store does not accept cryptocurrency, as they are able to convert cryptocurrency to real currency depending on the prevailing exchange rate. It is important to note that these credit cards are not affiliated with any bank.
Improved Fraud Protection
Credit card fraud remains a very real threat. This is why credit card issuers and card machines providers are partnering to find ways to increase and tighten their security measures. EMV chips and PINs have been the main way we protect credit card information when they are used on a card reader but as with all things, there is a chance that fraudsters will find a way to bypass these protections. This is why we will continue to see more companies like utpgroup.co.uk working with security companies to reduce crime at their card terminals. UTP Merchant Services provides all kinds of payment solutions with their technology, allowing businesses and other parties to process payments immediately, but get the funds in their bank account within hours. Their card machines are secure enough to be trusted by all major banks and credit card providers.
The MasterCard Display Card
If you are serious about your security, then you already know about One-Time Passwords. But have you heard of a credit card that can generate One-Time Passwords on the fly? The MasterCard Display Card has a touchscreen that allows you to do just that. These cards function like any other credit cards, but with an added security feature. The MasterCard Display Card has an LCD display and buttons that let you generate a password as well as see important information about your credit card or account once you enter the password.
Multi-function cards were created with the aim of combining different accounts on a single card. This means that you do not have to carry different cards for your debit and credit accounts. The card also allows for different account tiers and categories to be accessed on the same card. For business owners, the card can hold all the different business and personal accounts you have. The multi-function card works just like any other card; you just have to select the card you want charged at the checkout.
Mobile Payment Integration
In addition to using existing credit cards, people are increasingly moving towards mobile payment options. Almost everyone carries a mobile phone with them and these phones are now being leveraged to make payments, manage transactions and account balances, and much more. To make them more robust, several payment providers are looking for ways to integrate credit cards into mobile payments to ensure people do not throw their credit cards away, instead choosing to pay using their cards through their mobile phones.
Biometric Credit Cards
Biometrics are becoming an important part of our lives, and credit card issuers know this. Recently, several of them have released biometric credit cards. These cards use the owner’s fingerprint as an authentication method. The obvious issue raised here is that credit cards will start to hold sensitive information that they should not. Their creators are working on ways to reduce the risk associated with this.
Virtual Credit Cards
Although virtual credit cards have been around for some years now, it is how they are being used that excites a lot of people. Virtual credit cards are being used to place credit limits on transactions, decide who can charge the card, and determine if the payments charged on them are a one-time thing or a recurring payment. All these innovations are exciting, but it is where the credit card will go in the future that excites a lot of people.
Credit cards by their very nature are boring and can be insecure. This is why credit card providers are working on ways to make them more convenient and secure for their users.