Payment Technologies

When you go to the store or you pull up to fuel your car, you need to be ready to pay for your purchase somehow. Cash is not carried as often as it used to be. Instead, everyone is carrying a credit card or a cell phone on them. Because this is how more people are choosing to pay, payment technologies are constantly evolving.

The chip and pin technology on credit cards have been in the marketplace for a while. This is a way of improving security on the cards. The chip is scanned at a register as opposed to using a magnetic strip. A pin number is then entered to ensure there is a match. This is considered a better alternative to comparing signatures on the slip of paper that is signed to what is on the back of the credit card.

Chip and pin technology has proven to be effective around the world, but it is not in use everywhere. The United States is still slow on these payment technologies. Plus, not all registers around the world have the ability to scan a chip and pin card, which means that the magnetic strip is still being relied on heavily.

The iPhone has made its way into the hands of people around the globe. Since then, Android and even Blackberry has evolved to offer more and more to customers. This includes payment technologies using NFC or Near Field Communications. Within a very short amount of time, it will soon be possible to pay for purchases using a smart phone.

The way a smart phone will work is that an app will store the credit card information for you. You will pull up the app and be able to scan it at a register, provided the register has the right hardware to make it possible. Since no one leaves home without their cell phone, this technology will make it easier and easier for people to pay wherever they go.

Other payment technologies also revolve around being able to pass a card or other device in front of a scanner. These are designed to simplify the checkout process. Whether it’s a small credit card, a chip or a smart phone, magnetic strips are being replaced by newer forms of technology. And of course make sure look out for mobile payment technologies. Paying will soon be easier and more secure than ever before.