Is swiping your credit card getting to be a painful workout? Is that up and down hand motion a strain? Didn’t figure. JP Morgan & Chase, though, are addressing the credit card swiping woes with a new “blink” technology.
The new cards are to be rolled out in two unnamed US cities followed by a nationwide rollout soon after. The cards allow people to pay just by holding the card up near a terminal instead of manually swiping.
Already committed 7-Eleven, Sheetz, Inc., CVS, and Regal Cinemas plan to support the new cards, which have encrypted data read by a POS terminal. A tone is sounded to confirm payment.
"The new card makes it easier and faster for people to pay in places where they currently use cash, like convenience stores and fast-food stores," said Thomas O'Donnell, senior vice president of Chase cards services.
Saving a whopping 20 seconds per transaction, the new cards will not require a signature, a security concern addressed in this way:
"The customer has to hold the card close to the terminal, but it stays in their possession at all times," O'Donnell said.
Many thanks to Mr. O’Donnell for settling those concerns.