Filed in archiveon July 4, 2006
Citibank is releasing credit cards which use RFID. The Mastercard PayPass is similar to an ordinary Keychain and the traditional magnetic strip is replaced by RFID chip. When the card is waved in front of a PayPass reader, the user's card gets automatically charged. With readers not being common as of now, it would take some time before the plastic cards are replaced by RFID credit card.
The principal which is being followed is the same as the speed passes which are being used at toll booths, gas stations and subway stations. One of the benefits it is gonna result in is that there would be shortened wait time in lines. If it gets through it would be rolled out at 2.5 million PayPass debit devices.
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Tags: citibank rfid credit card paypass mastercard more credit+card
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