http://news.sympatico.ca/oped/coffee-talk/pin-less_debit_cards_coming_to_banks/5b7eb7aa
so starting from next summer, we maybe able to see this in Canada.
The basic idea of this card is to flash it above a detecting device and your items would be paid.
Personally, I think this idea is similar to those smart card idea. For example, in HK, we have the Octopus Card ( for more information go here: http://www.octopus.com.hk/home/en/index.html ) for many years already. Hence, I think Canada is a bit slow in using these technology.
Also, I kind of agree with the man in the news video that why they don't integrate this service into mobile devices? I am not 100% sure but I heard from my friends from Japan that they can do these similar transactions using their mobile devices. Maybe Joseph could show us some of these technology from Japan?
What do you guys think about this "new" pin-less debit card? Do you think it would be useful or effective at all?
There are pin-less credit cards here in Canada under the name of paypass which i think is safer than having it on the debit card.
ReplyDeleteCanada has always been slow to adopt some technologies, possibly due to the sheer size of the country and the fact that money doesn't get spent appropriately.
If you lose your credit card, you can dispute the charges as the credit card company pays for it. On the other hand, a debit card is harder to dispute and is not bounded by a limit per cycle like credit cards, although there is a per day limit but by the time you find out, you're banks on overdraft potentially.
I believe Japan uses a system called Felica mostly for their payments and Suica for their transit system. I remember renting a mobile phone and being able to punch in a Felica account number that allows me to pay with the phone.
On the side note is that my uncle was actually part of the development team for the Octopus system while he was at Oracle and I have heard a lot of nightmare stories when Hong Kong first launched it, mostly security issues and people able to fake the card so that it had unlimited credit.
As far as doing transactions with your mobile device in Japan, I know you can link your train pass to your phone and that can in turn be linked to your credit card. I don't think it can be linked to your debit card though, (at least you couldn't with JR's Mobile Suica). As far as making purchases with your phone, some stores allowed you to use the pass, (either on your phone or in card form), to buy things, but the stores that let you use it were pretty limited in my experience; I only ever used it at the convenience store.
ReplyDeleteIn my opinion, it's definitely convenient to be able to just swipe your card, (or your phone), and go, but I think I'd be kind of apprehensive about using a pin-less debit card in Canada. You hear so many stories about people's cards or accounts being compromised, and at least with a pin-less credit card you still technically have the signature to prove that it's you to the clerk, or to prove to the credit card company that it wasn't you who made the purchase. On the other hand, with a swipe-and-go system there's no proof either way, so I would be more worried about it if my card were lost or stolen.
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ReplyDeletePin-less debit cards make a lot of sense for small transactions that require change. Right now these small transactions leave me at the debit terminal waiting for the 'approved' sign. It depends on the individual if they think their time is more valuable than the risks of having your money stolen.
ReplyDeleteThe problem is that some of the greatest credit card scams are those that take a very small amount of money from many many cards. So, having these easily approved transactions could enable this somehow. Since one can likely assume that the credit card companies are thinking this will make them more money not less (otherwise why introduce the technology), one can hope it is pretty safe since it costs the company money when fraud occurs???
ReplyDeleteI think being pinless and being able to wireless wave your card over is a great idea. Albeit not for debit cards, as the seem to have no liability for any fraud as credit cards do.
ReplyDeleteI despise digging out change and receiving change. Using a credit card to buy small items such as coffee, candy, fast food is great in eliminating this inconvenience. Having it wireless makes this transaction even faster.
I traveled to Hong Kong this past summer for the first time and saw how efficient having these pre-paid cards are. It is true the world spins much faster in Hong Kong. I expect more metropolitan cities to follow suit