Credit Card Companies Are Going to Speed up Transactions

Do you usually feel tired and irritated when standing in a queue for your turn to have your credit card processed in a department store? This is really a problem in all big (and not very big) shopping spots. Living in the USA, we can't but feel cheerful as the speed and security of credit card processing are ensured by the Radio Frequency ID Technology. RFID is getting available with most major credit card providers.
Around the world measures are actively taken to protect credit card holders and enhance card processing. In Australia and New Zealand credit card companies provide a different option: it is a pin code to enter instead of signing receipts. Experts in the US point out that RFID technology has a number of advantages over the PIN code solution. However, there are some reasons why Australians choose pin codes to verify purchases.
The technology implies that Visa, MasterCard and American Express credit cards are in line with EFTPOS (Electronic Funds Transfer At Point Of Sale) system which had been worked out to make retail sales a faster and safer thing.
Supporting the technology, Visa reps assure us that the transaction at the checkout counter will now take no more than 8 seconds, which saves considerable time during the working hours. It will undoubtedly be a great convenience for those paying with a credit card and increase sales: customers are going to keep coming back to the place where credit cards are processed so quickly!
In the beginning of June, all Australian consumers will get the opportunity to enter pins without troubling themselves by manipulations with printed receipts that can sometimes last as long as 10 minutes. No more grumbling 10 people's queue behind your back!
However, in spite of the modernized credit card processing being introduced, people will still be able to sign receipts. Many of you may ask what receipts are for now that we are happy to have EFTPOS?
Usage of receipts when purchasing increases the risk of fraud. Your signature can be falsified, while it is next to impossible to guess a PIN. If your card is stolen you lost, there can be a lot of fraudulent purchases, since your signature is visible or it is not checked at the counter. What is more, you can face fraudulent credit card expense just because the magnetic stripe of your card is read by, for example, a waiter in a cafe.
Thus, credit card purchase receipts will stay just as an option. And Australian consumers are going to enjoy a new level of security with PINs attached to your credit card used in purchases.

About the Author:
Xxx has been well-known for professional credit assistance at Credit-Land.com and for being an author of a number of articles devoted to solving credit problems and choosing the most beneficial credit cards.