Customers who have a habit of swiping their credit cards will probably be excited from now on because four new enhancements are applied to save time on manipulation and reduce information theft by scammers.
Credit cards have come a long way since the first version was released in 1950. After 70 years, credit cards have advanced more than ever by providing a wide range of services, from partial program bonus, quick solvency, or mobile wallet use.
Towards 2020, card issuers will have exciting new advances in credit card innovation. These include issuing chip cards or upgrading faster online payment.
The CNBC website spoke with 4 executives from American Express, Discover, Mastercard and Visa to find out what credit card trends will be in 2020.
1. Increase the use of chip cards
Women are about to use 4 exciting improvements with credit card services in 2020 – Photo 3.
Credit card issuers are making a pledge to widely issue chip cards by 2020. Over the next 12 to 18 months, most of our customers will be able to use the chip. RFID. This is radio frequency identification technology. Used to automatically identify and track identification tags attached to objects. This is information that Mr. Linda Lindapatpatrick, the head of MasterCard shared with CNBC.
MasterCard is also speeding up the implementation of the “tap and go” initiative at subway stations. Where credit cardholders can use their mobile wallets or tap their chip cards at any subway in New York City and Mastercard will refund the fare (limited to two trips per cardholder on Friday and during promotional period only).
Recently, the results of the digital survey in 2019 showed that 1/4 (25%) of consumers have used at least one chip card in the past 6 months, expert Luke Luke Gebb in the technical department. numbers at American Express said. Experts also hope that this number will be increased as more publishers increase the number of chip cards by 2020 to ensure quickness and security for the owner.
2. Credit card number first
Women are about to use 4 exciting improvements with credit card services in 2020 – Photo 4.
A new trend to note is the popularity of digital credit cards. This is a highly applicable product and customers can receive the card immediately at the time of purchase. This was most evident through Apple’s digital credit card, released in late 2019, supported by Mastercard and Goldman Sachs.
Apple’s digital credit card is basically operated inside your iPhone and is managed through the Wallet app. Publishers will give cardholders the most rewards by using the mobile version (i.e. digital credit card) compared to using the physical titanium version.
In the case of using a digital card, users can get the card within minutes after the lane request is accepted, according to Kirk Kirkpatrick. This is compared to the days from weeks to weeks when a physical card is issued.
3. Enhance security with tokens
Women are about to use 4 exciting improvements with credit card services in 2020 – Photo 5.
A very common topic that executives are interviewed with is the token expansion. The token will replace sensitive personal information. For example, your credit card account number will be replaced by any identifier. This code is called a token. Visa has usefully used token resources and is a prime example of the applicability of this method.
The token will allow users to pay and process transactions without revealing their personal account numbers, avoiding being stolen by scammers.
According to Brian Brian Cole, director of the North American Visa Company, using tokens can reduce the risk of information theft. A fraud domain has been removed because the token itself only works for that user, on that device and at that time.
4. Payment function with one click
Women are about to use 4 exciting improvements with credit card services in 2020 – Photo 6.
American Express, Discover, Mastercard and Visa have come together to create new payment buttons. First announced on October 22, 2019, consumers were able to use the payment button with just one click. This feature is expected to become more widely available by the beginning of 2020.
One-click payment is both safer and more convenient by providing greater consistency and fewer steps at checkout, no matter which credit card you pay. It also eliminates the frequency you need to enter personal information and account numbers to the minimum.
Using the One-Click payment function will gradually be available on all payment points, said Shaida Lynch, vice president of e-business at Discover. He also said that customers and businesses will be really confused and easy to make mistakes when paying with a lot of different operations. Successful application of this will simplify the payment process and make it easier for customers to use the product.
(Source: Afamiy Newspaper)
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