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We all want more
In this competitive world, card companies are offering the moon to woo customers and retain the existing ones. The biggest challenge they are facing is customer retention. As there are so many different players in the market, customers have gotten used to being offered freebies and goodies and are asking for more. In a new attempt to satisfy this demand, card companies are now offering virtual money and gifts that can be used in various online games. This would work well especially with the youth, as performance in these games is a sort of identity in the virtual world through which they gain the respect of their peers. Imagine earning bonus points on your favorite game, every time a purchase is made using your credit card.

Biometrics for credit cards
Biometrics is set to change the way we look at the world. All authentications are moving towards this technology for the obvious benefit that it is extremely difficult to reproduce biometric data like fingerprints and retina patterns. In 2009, a Korean bank successfully tried using fingerprints as a form of authentication for commercial cards. The card includes a biosensor that can read a fingerprint. Major changes to the ATM machines and swiping devices can be avoided by using an add-on Radio frequency reader. This ensures that only the authorized user is able to use the card. An extension of the same principle might also make online transactions more secure. As more and more services and shops go online, the need of the hour is greater security of transactions.

Card 2.0 — the next generation credit cards
In traditional cards, the magnetic stripe is mostly read only memory, meaning that the information on it cannot be rewritten or changed. However, the card 2.0 technology allows this change to take place. At the press of a button placed on the card the information on the magnetic stripe can be modified by an inbuilt re-programmer. Banks are now attempting to use this for maintaining the record of reward points or multiple accounts on the same card. The customer can chose to use the reward points or any of the multiple accounts to make purchases. Although physically this card is the exact same as the regular card, the functionality can be vastly improved using this technology.

What is in it for me?
The popularity of credit cards is largely because of the convenience it brings to shopping. For one, it reduces the need to carry large amounts of hard cash in your pockets. And unlike other financial instruments, the card offers the opportunity even when your account is not brimming with cash, provided it is within the prescribed credit limit. They also come with freebies such as reward points redeemable during purchases, discounts on products and services etc. It is no wonder then that, in a survey conducted by Kiplinger’s, the card came on top as the people’s choice for the most influential financial innovation of the century.

If you enjoyed this article, you should read money and legal articles by Ajeet Khurana at Legal Bugle. Specifically read the arficle consumer rights refunds.