Credit Card Trends You Ought to Know About

By BankBazaar | August 31, 2015

From smartphones to tablets to GPS, life is hard to imagine without technology, right? Let’s take a look at how technology is influencing the Credit Card world. These are trends you need to watch out for in 2015.

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Biometrics: Your biometrics can now be linked to Credit Card usage to authenticate transactions. RBI is working with banks to include biometric sensors in swiping machines. This will enable Aadhaar-based biometric authentication which will replace the existing practice of signing transaction slips when you pay with your Credit Card. You have the power, literally.

EMV Migration: EMV (Europay, MasterCard and Visa) which is a global standard for credit and debit card transactions will soon replace the traditional magnetic strip on Credit Cards. With this change, EMV-based cards with microchips will store and send PINs to your registered mobile numbers to confirm transactions. Go global.

Contactless Cards: You can now make payments simply by waving or tapping the card instead of swiping the card. These Credit Cards operate with NFC technology and have started operations in India. A one-time password is also triggered to your mobile phone for authentication making it super secure. What next?

Instant Approvals: An offshoot of biometric verification, Credit Cards are now getting approved instantly. Banks will soon get access to your identity and other KYC details through e-KYC facility. Your biometric data will help you get an approval in real time. The change is here!

With these technological advancements, transactions on Credit Cards will be easier and safer than ever before. Don’t you want to be part of the future? If the answer is yes, we have some amazing offers on Credit Cards tailor-made for you.

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