fbpx

Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

Credit cards ditch classic look as customers move from swiping to contactless tapping

(CU)_The pandemic, which launched a digital transformation across the globe, led a major shift in payment trends in the past couple of years, triggering a slump in the use of cash. Many consumers and businesses increasingly relied on credit cards for online transactions, or using chip-and-pin technology, or tap-to-pay contactless systems. But those transactions are still happening on infrastructure built for the previous generation of swipers. Therefore, the industry is upgrading itself to keep up with consumer tastes while ensuring security and protecting the privacy of users.

The most obvious development today is the shift from…

the familiar wallet-shaped horizontal credit card to the new vertical configuration that’s faster and easier to use. Explaining the rationale behind this change, Cowyk Fox, an executive with South African bank Absa, said: “Think about how you use your card when you make purchases. When you hand over your card to a cashier, tap it to make contactless payments or dip it into a point-of-sale machine, you’re likely holding it on the short end, vertically.”

Echoing these views, the senior vice-president of digital products at MasterCard North America, Sukhmani Dev, told CBC News that a portrait orientation is easier to tap. “From a user’s standpoint, it’s good design for many reasons,” she noted.

While the new design may add a dash of design pizzazz, the real reason behind the development is what’s happening on the back end. According to Dev, tap-based vertical cards go a step beyond what was offered by older systems, since unlike swipe cards, they are backed by a technology known as ‘tokenization’. As a result, the identifying information that is exchanged by the cardholder in a transaction is unique for just that one transaction, making it much harder for a fraudster to intercept any sensitive data that would allow them to compromise an account.

“If you lose your card, instead of your Netflix being cancelled, we replace that sensitive 16-digit card information with a unique identifier, which the merchant can still use to do a transaction on, but it’s not your actual 16 digit number,” Dev added. “It’s dynamic.”

Latest news

Vaccine sales slow as Novavax cuts sales forecast

GLOBAL – it’s safe to say that where the COVID vaccine is concerned the whole world is either trying to create a better vaccine...

Latest news

Vaccine sales slow as Novavax cuts sales forecast

GLOBAL – it’s safe to say that where the COVID vaccine is concerned the whole world is either trying to create a better vaccine...

Erling Haaland just gave Liverpool future Darwin Núñez glimpse as Man City pursue identical goal

ENGLAND - Erling Haaland opened his new account at Manchester City on Sunday afternoon. The Norwegian star faced West Ham United in his Premier...

‘Toxic’ Ryan Giggs headbutts his ex-partner!

ENGLAND, MANCHESTER - Ryan Giggs headbutted his girlfriend after cheating on her, a court heard yesterday, as the former footballer was accused of having...

‘One of the worst moments’ of umpiring!

CANADA - An overturned call in the 10th inning led to a 3-2 Toronto Blue Jays victory and an ejection for Minnesota Twins manager Rocco Baldelli, who labeled the...

5939 new community cases, New Zealand to stay at orange!

NEW ZEALAND - Minister for Covid-19 Response Ayesha Verrall has confirmed that the country will stay at the orange traffic light setting as 5939 new community...

Crypto wallet hack has drained millions from iOS and Android users with ‘hot’ wallets 

GLOBAL - A new crypto wallet hack targeting Android and iOS users with connected wallets containing the cryptocurrency Solana has resulted in roughly 8,000...

Stocks mixed as traders look to inflation data

GLOBAL - Wall Street stocks were mixed at the end of trading ahead of a key inflation report scheduled for later in the week. At...

Key to success is self-discipline says Dean of SM’s new education institution 

GLOBAL - this is the latest title acquired by veteran K-pop composer Hong Jong-hwa, one of the first producers in the K-pop scene. K-pop...

China Locks Down Part of Tibet’s Capital in New Covid Zero Push

GLOBAL - China is imposing a new round of lockdowns as vacation hotspots become ensnared in its drive to suppress Covid-19, with parts of...

Front man from Limp Bizkit ties the knot for the FOURTH time!

GLOBAL - Limp Bizkit front man Fred Durst secretly tied the knot for the fourth time on a confidential date with a much younger...

Kylie Jenner and Travis Scott put on a loved-up display

UNITED KINGDOM - Kylie Jenner took to Instagram to share intimate selfies taken with her partner Travis Scott. The entrepreneur — who is days away from...

Scott Dixon wins in wild Nashville comeback!

GLOBAL - Scott Dixon passed Mario Andretti for second on IndyCar’s all-time win list with a victory Sunday in the messy Music City Grand...

Related news

A wealth advisor’s response to one of the most-asked questions by homeowners with some extra cash

TORONTO (CU)_Just a few weeks ago, the Bank of Canada increased its benchmark rate by half a point, its biggest single move in more...

BNPL plans to become less appealing

LONDON (CU)_Over the past few years, particularly since the beginning of the pandemic, consumers in the United Kingdom have been turning to the buy...

Reforms to hit poor and minority ethnic people!

LONDON (CU)_The government of the United Kingdom has proposed several reforms to the student loan system, which the Department of Education says would create...

Borrowers could get run over by Savers in the driver’s seat 

OTTAWA (CU)_The Bank of Canada last week, hiked its benchmark rate by half a point, but could consider event larger increases to rein in...

Halifax tempts savers with ‘supersized’ prize draw

HALIFAX, West Yorkshire (CU)_Bank of England’s decision to raise its base rate back to the pre-pandemic level of 0.75 per cent came as good...

Here’s how you can maximise benefits on your savings account

between 3.5 per cent and 4 per cent per year at most banks. This savers’ struggle is not limited to the South Asian nation....

Everything has gone up, absolutely every single thing!

OTTAWA (CU)_After years of relative stability, inflation in Canada has been on a  roller coaster ride during the pandemic, with rates plunging in 2020...

Brits can now consider turning to savings clubs for those big-ticket items

LONDON (CU)_As many households in the United Kingdom struggle with what has been described as a “cost of living catastrophe”, you may now consider...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Front man from Limp Bizkit ties the knot for the FOURTH time!

GLOBAL - Limp Bizkit front man Fred Durst secretly tied the knot for the fourth time on a confidential date with a much younger...

Kylie Jenner and Travis Scott put on a loved-up display

UNITED KINGDOM - Kylie Jenner took to Instagram to share intimate selfies taken with her partner Travis Scott. The entrepreneur — who is days away from...

Scott Dixon wins in wild Nashville comeback!

GLOBAL - Scott Dixon passed Mario Andretti for second on IndyCar’s all-time win list with a victory Sunday in the messy Music City Grand...

A decade on, and NASA’s Curiosity Rover is still searching for life on Mars

GLOBAL - As every day passes there are advances in the field of science and technology. It’s been many moons since we sent a...

Penrith star called a ‘weak-gutted DOG’ by Ricky Stuart.

AUSTRALIA - Panther’s star Jaeman Salmon - who was labelled a 'weak-gutted dog' by Ricky Stuart - has 'turned his life around' since his...

The Bangladesh government and the World Bank sign a $300m loan deal!

Dhaka, Bangladesh (CU)_ The World Bank and the government of Bangladesh inked a financing deal for $300 million. This agreement will help Bangladesh develop...

The solar revolution in Rajasthan provides a huge scope for nanotechnology!

Jaipur, India (CU)_ With the growth of the solar energy industry in Rajasthan, institutions such as BITs and RTU are offering nanotechnology programs for...

Singapore enters the Green Finance Bonanza with a 50-Year Green Bond

Singapore (CU)_ Singapore started marketing its first green bond to generate up to S$2.4 billion ($1.7 billion) with a 50-year tenor, joining governments from...

Bangladesh tightens LC regulations as import prices soar

Dhaka, Bangladesh (CU)_ The central bank of Bangladesh has imposed new letter of credit (LC) rules for local banks in response to mounting concerns...

‘No point sulking’ about Mbombela mauling 

NEW ZEALAND - Embattled All Blacks coach Ian Foster has urged his players to move on quickly from their Mbombela mauling and focus only...

NAB AFL Draft Combine list announced

AUSTRALIA - The NAB AFL Draft Combine will showcase many of the most talented boys in the country and be held in Melbourne from...

Kevin Harvick Punches His Ticket to NASCAR’s Playoffs

GLOBAL - On a blustery day in the Irish Hills of Michigan, Kevin Harvick saved his season. Grabbing the lead and pulling away after a...