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Otoh, more people should take credit cards! We should be moving away from credit cards. They are becoming an archaic technology.
by richcollins 15y ago
Otoh, more people should take credit cards!
We should be moving away from credit cards. They are becoming an archaic technology.
- chrisbolt 15y agoWhat do you propose we replace them with?
- thinkcomp 15y agohttp://www.facecash.com http://www.facecash.com
- richcollins 15y agoOur phones
- ryanhuff 15y agoWhile low-tech, credit cards are very flexible. I worry that the more high tech approaches (NFC, etc) are motivated not because its a step forward, but because its an opportunity to grab more control of the market, and leave consumers more exposed to fraud.
- richcollins 15y agoHow are credit cards more flexible than a computer in your hand? Worst case your phone acts exactly like your credit card where you read numbers off of it. Also, how would a phone lead to more fraud? You could authorize each transaction by cryptographically signing it after entering a passphrase. With a credit card anyone that steals your numbers can charge to it.
- bonzoesc 15y agoMagnetic credit card readers are cheap; look at how much Square charges. The fraud prevention mechanism for magnetic cards is mostly reactive and doesn't require "passphrases" or "cryptographically signing," which is a big usability win. Since issuers are on the hook for unauthorized charges, and generally make money from transaction fees, it's in their best interest to find a good compromise between fraud protection and usability. Adding consumer software and a wide variety of commoditized portable computing devices into the mix doesn't seem worth the cost.