From September, a number of major credit card suppliers will be introducing a pilot scheme in London for a new scheme to enable users to purchase items of less than £10 in value simply by waving their credit card in front of a reader at participating outlets. This comes ahead of a nationwide roll-out in 2008.
The scheme is aimed at people who want to reduce their need for carrying small amounts of cash in order to cover things like a newspaper or a coffee and is all set to revolutionise the way most people do their impulse buying on the high street and at vending machines.
But what about security, I hear you cry in unison? The new cards will carry the "wave" logo but will not routinely require a pin number to compliment them for items of less than £10. Instead, the use of the cards will be monitored by the issuers and randomly, the user will be requested to supply a pin number to ensure that the opportunity for large scale fraud is kept to a minimum. (Remember from a previus article on credit card fraud that the onus of proof of negligence on the part of the credit card owner lies with the card issuer.)
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Good comebacks...
Man: "So what do you do for a living?"
Woman: "I'm a female impersonator."
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