Credit Cards with Chip & Pin for Dummies

In Cards, News, World
Credit Cards with Chip & Pin for Dummies

Image Source: http://www.nytimes.com/2016/08/06/business/chip-credit-cards-for-dummies.html?_r=0

With the fast growing plastic card industry ecosystem, there are multiple challenges which keep brimming and needs to be tackled on a daily basis. Fraudulence being one part of the challenge, ease of use is yet another side of the coin. Based on a survey, there are mixed opinions about the usage of chip cards and card readers at crowded kiosks. Though contact and contactless cards are meant to speed up processes, they seem to further test the patience of the users in terms of the time taken for processing and the mode of usage itself. Though owning a card has become very normal and it becoming hard to find a wallet without a card, card holders is still confused about whether to insert or swipe the card in the first place. Based on a top level survey about this on twitter, it was found that users get irritated and do not feel good about this skeptical usage of the card. Here are few tweets,

Chaz N’oire. @chase_august

America has GOT to get on the same page.

ARE WE SWIPING OR INSERTING INTO THE CHIP READER CAUSE IM TIRED OF LOOKING DUMB AF @ CHECKOUT

10:49 PM – 1 Aug 2016, 55, 31555,315 re tweets, 68, 39668,396 likes

As we see this tweet got an amazing response which means people are having similar problems.

Coming to the processing speed, users still feel that the processing time taken for a card transaction is way too much than it actually should be.

Technological improvements generally make things easier, but that’s not what this change is about.

The longer wait times at checkout occur because of all these steps in the process:

  • The chip creates a one-time code.
  • The payment terminal sends it to the bank.
  • The bank matches it to an identical one-time code.
  • The bank then sends back verification.

To handle this contingent situation, technologists have come up with ideas to maintain uniformity in terms of card access and usage which includes the upgrade of all the terminals. This would solve the issue of whether to dip the card or actually swipe it.

Jason Oxman, chief executive of Electronic Transactions Association said So far, about one-quarter of the nation’s merchants have made the transition. But while many of them have the terminals, they are waiting to get them certified for use, said Jared Drieling, the business intelligence manager for the Strawhecker Group, a consulting company for the industry.

Other issues which involve the working of cards are that most of the time they seem to be not working. A cumulative solution to this problem is the introduction of software which would facilitate speedy processing of information while maintaining the ease of use.

Tokenization, mobile wallets are few amongst the many solutions proposed for the improvement of services in this space. Technology specialists believe that by embracing such solutions the plastic card industry would become safer and tamper-free also providing blissful customer experiences to cardholders.

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