Smart Cards Ensure Credit Card Safety on the Internet
By Anthea Wallace, Geezeo.com
Are you one of the many people who are still not comfortable with shopping online – using your credit card online? I am. Even though the number of people that do use it and is increasing, it is not as fast as electronic retailers would like. I’m still very cautious when I use mine, taking every precaution. If I notice that an online merchant is still offering toll-free order number so that I can call in my order, I usually do that.
Welcome Digital Cash. For those who are not familiar with Digital Cash it is a system of purchasing cash credits in relatively small amounts, storing the credits in your computer, and then spending them when making electronic purchases over the internet. Theoretically, digital cash could be spent in very small increments, such as tenths of a cent (U.S.) or less. Most merchants accepting digital cash so far, however, use it as an alternative to other forms of payment for somewhat higher price purchases.
I discovered that there are several commercial approaches to digital cash on the web. Among these are eCash from Digital Cash & CyberCash. Digital cash can also be stored on an electronically-sensitive card like what is call a SmartCard. Who would have thought that a card would have such a name, or even the thought of a card being smart; but it does. Technology has created this Smart Card, and it is truly an innovative application that involves all aspects of (secret codes). This card has a microprocessor built into it with what is called cryptography or (secret codes). This is very important to the function of the card in several ways:
It’s good that this elaborate protocol is all conducted in such a way that it is invisible to the user, except for the necessity of entering a PIN to begin the transaction.
Smartcards first saw general use in France in 1984. They are now hot commodities that are expected to replace the simple plastic cards most of us use now. Master Card and Visa are actually leading the way in the United States with their smart card technologies.
I haven’t used Smart Card technology yet. I am still using my old card, but I’m certainly looking forward to more options soon.
Related:
Get A Social Security Debit Card
How To Protect Yourself Against Identity Theft
5 Messy Money Mistakes and Quick Fixes
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