5 Credit Card Trends to Watch!!!!!!

Things have definitely taken a futuristic turn when it comes to the world of credit cards.

1. Biometric authentication: The growing use of biometric technology is now getting linked with credit cardauthentications. The RBI has asked banks to include biometric sensors in swiping machines to enable Aadhaar-based biometric authentication for customers while make payments through their cards. This may replace the signing of transaction slips after entering a pin with biometric authentication after swiping. Biometric authentication will also replace passwords while we make transactions online. In the coming days, finger prints or iris scan may take the place of passwords and PINs.
2. EMV security migration: EMV (Europay, MasterCard and Visa) has become the global standard for credit and debit card payment today. EMV based cards replace the traditional magnetic strip system. As the magnetic strip system stores the card holder’s information, it is easy to hack. EMV based cards uses microprocessor chip to store data and send PINs to your mobile phone for confirmation of transactions.
3. Proliferation of mobiles payments: Mobile payment driven technology holds the future and is likely to change the way we use credit cards. With Google Wallet, instead of tapping your card at the NFC machine, you just need to wave your Smartphone, or tap it, over the machine. Your card data linked to your Google account will be captured. Pre-paid virtual credit cards are also giving way to traditional cards, ensuring more security.
4. Instant approvals: Do you know that credit card applications are getting approved instantly? So, if you have been following the traditional route for applying for cards, it’s time to change. With the new biometric authentication technique, banks will soon get real time access to your identity and other details through the e-KYC facility.  So, anyone with an Aadhaar card can open a bank account as well as get card approvals instantly with their biometric data.
5. More contactless cards: Contactless credit cards have already started operations in India, with ICICI Bank. Now almost all credit cards are likely to follow this route. These cards operate with NFC technology which enables you to make payments by simply waving or tapping the card at merchant terminals instead of swiping. A one-time password will also be sent to your mobile phone to authenticate the transaction.

Technological advancement of this kind is making transactions easier and safer every day. Maybe one day soon, someone with the as much money as Tony Stark, might actually end up making the Iron Suit to protect the people as well.