Credit Cards Go Hi-Tech

Exciting news about the hi-tech future of credit cards came out of the international consumer credit card summit held this week in Sydney, according to a story in TheAge.com.

Microchips and mobile phones were all the rage — and could prove to be the Next Big Thing in credit cards.

Chip technology could replace the magnetic strips that are proving easier and easier for thieves to copy. Mastercard and Commonwealth Bank of Australia are already trying out chip-based cards called PayPass which work as debit cards, but allow the consumer to simply wave their card over a scanner rather than having to be swiped through a magnetic strip reader.

Many also see mobile phones with the ability to scan and read barcodes as the new wave of the future. The phone would essentially become the payment card.

Still no word about those jetpacks we were all promised.

You can read more about this story at Credit Cards Go Hi-Tech.