Credit cards have come along way since the first “real” card was introduced to the world in the late 1940s. The black magnetic stripe was until a few years ago, the lifeline of the card. Then came the chip. And now they have antenna. The days of “swiping” – it seems - are coming to an end.
The latest technology is enabling what has become known as tap-and-go or contactless payments.
The new-generation cards have antennas imbedded in them. The antenna allows the cardholder to pay at point-of-sale device specially enabled to read the information on the card without the card being inserted or swiped. All it takes is for the cardholder to lightly tap the card on the terminal.
It is fast because it is not always necessary to enter a PIN or sign any slips.
Standard Bank South Africa is now issuing this technology in its Gold and Titanium credit and debit cards. These cards may be used at point-of-sale terminals displaying the same PayPass logo as their card.
The tap-and-go cards are linked to the cardholder’s bank account so the money is deducted directly from their account. Unlike many systems currently available, holders of these cards don’t have to pre-load cards with money to use this method of payment.
Holders of Standard Bank-branded credit and cheque tap-and-go cards do not need to give the card to the cashier, enter a PIN or sign a slip for payments under R200. To ensure security, a PIN will be required for higher amounts.
This technology is ideal for quick payment environments, such as transit, fast foods, petrol stations, supermarkets and movie theatres.
Quick facts
· Standard Bank South Africa is one of the largest issuers of credit and cheque cards in the country.
· Our first credit card was introduced on 3 November 1975.
· Standard Bank has rolled out other tap-and-go products, including the Muvo transit card 2012 (see Seamless card payment solutions for any occasion)
