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I read recently that there is a possibility that credit cards might go wireless. We have actually already seen this at gas stations where you just wave a small device on your keychain near the front console of a gas pump and it reads your information and authorizes you to start filling up. I was wondering if this is that good of an idea. I mean how much easier do we need to make it for people to spend their money.
Wireless systems are all around us. One of the most popular wireless or RF (radio frequency) systems that many people use for payment is EZ Pass. This is a system to pay road, bridge and tunnel tolls where a small device mounted on your windshield contains your account information so you do not have to stop and pay a toll taker. Basically, a reader in the toll area sends out a signal that reads the info on your device. This is certainly a convenience and has greatly reduced congestion at toll plazas.
But is it really necessary to have this technology to replace an actual card? How difficult is it to swipe a credit card through one of those swiper machines? Personally I don't think it is a good idea to make credit card usage even easier for people. The fact is that there is way too much consumer debt out there as it is. The statistics show that people have grown into the habit of spending money that they do not have and carrying large balances from month to month on their credit cards. This is a vicious cycle that is hard to get out of for two reasons. First, the interest rates are so high that making just the minimum payment will take years to pay off the debt. Most credit cards have interest rates well into the double digits on revolving balances. Some hard money credit cards can charge twenty percent interest or higher. The other reason that it is hard to break the cycle is that the people who go into debt find it hard to change their behavior, even though they know at some level that it is self destructive.
It will be like any new technology, eventually people will adopt it and it will become mainstream. The one thing to worry about will be the potential for fraud. Will wireless payment processing make it easier for thieves to get your credit card info and steal from you. That would be my biggest worry. And, since with every new technology it seems that there is a new breed of criminal who is advanced enough to take advantage of the situation. It is the price that we all pay for more convenience.
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Another informative article written by Richard Pagano and sponsored by a great website where you can find deals on credit card swiper or a manual credit card machine.
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