Multifunctional Credit Cards
Imagine tapping your credit card the next time you take a bus or
the MRT, or swiping it for a quick snack at McDonalds or
7-Eleven.
Visas new credit cards will be able to double up with ez-link
features, for contactless payments at more than 3,000 shops
islandwide.
With the ez-linkcredit card duality, users need not carry that
many cards, and the card can top up automatically when the balance
reaches zero. However, there will be nominal fees to cover
administrative costs of this new technology.
The launch of this contact-less debit payment follows Visas
success in Malaysia and Taiwan, where shoppers are more accustomed
to the wave, pay and go process.
The issuer explains that the contactless transactions are secure
because the embedded chip requires specific information, including
a unique transaction cryptogram using the highest level of
authorized encryption.
There is no need for any signature, or to hand the card over to the
cashier.
Now, we simply wait for the banks to issue these cards.
