Smart Cards Best Credit Cards
RetailSystems.com reports that although widely used in Europe, adoption of smart cards continues to stall in the U.S. where Americans seem comfortable with the existing credit card infrastructure.
Smart cards offer consumers the easiest method of payment in retail outlets, while enabling retailers to help build customer loyalty. And other payment methods such as checks, charge cards, or debit at the point of sale lack the embedded security of smart cards.
Unlike magnetic stripe cards, smart cards carry all necessary functions and information and do not require access to remote databases at the time of transaction. Most new credit card processing terminals will support smart card swiping as will Internet transaction processors. No new equipment or services are necessary unless a retail establishment uses an older swipe terminal.
Moderator Comment: Is it up to retailers to educate consumers and switch them from credit card usage to smart cards as Retail Systems suggests? [George
Anderson – Moderator]