“Sign on the dotted line.” Bet you aren’t going to hear those words much in the future. With payment technology advancing with leaps and bounds, some of the best credit cards in India have made the necessity of a signature obsolete. They employ some of the most cutting edge technology. This includes pin and chip readers, biometrics and multi-factor authentication. These make credit card transactions more secure than a signature ever could. Signatures, after all can be forged, biometrics and magnetic chips can not.
The requirement for a signature had gradually been diminishing, especially when it came to small purchases. In order to provide a secure and smooth payment experience, the payment industry has evolved and introduced this new method of transaction. Here are some of the biggest advantages of this change.
1. More Secure
The best credit cards in India these days come with a small metallic chips. They are called EMW chips. Far superior to the magnetic strips in earlier credit cards, it has a unique code which is specific to the purchase that has been made. This safeguards you from any possible fraud. With the help of biometrics, it protects you from theft and any discrepancy in your expenses.
2. Convenience
Convenience plays a major role in the fast pace of modern day life. As a customer, you want your shopping and payment experience to be as hassle-free as possible. With the advent of signature-less credit cards, the checkout process is much smoother and quicker. Every time you purchase merchandise, the experience is consistent and efficient. It also decreases the costs linked to storing signatures safely.
3. Time efficient
Standing in line while you sign for your purchases and then have them run a check on it is time-consuming and inefficient. Not to mention that it leaves a lot of room for human error. A simple biometric identification is completely hassle-free and saves a lot of time. And for the millennial generation, time is the most valuable currency.
The removal of the signature requirement from credit card transactions is a step forward in the security and evolution of digital payments. Drastic changes have occurred in consumer habits and its relation to technology. And the best credit cards in India tried to make the payment process as straightforward and effortless as possible for the customers. The convenience and security promised by this change is set to take India a step forward in the direction of a cashless economy.
The requirement for a signature had gradually been diminishing, especially when it came to small purchases. In order to provide a secure and smooth payment experience, the payment industry has evolved and introduced this new method of transaction. Here are some of the biggest advantages of this change.
1. More Secure
The best credit cards in India these days come with a small metallic chips. They are called EMW chips. Far superior to the magnetic strips in earlier credit cards, it has a unique code which is specific to the purchase that has been made. This safeguards you from any possible fraud. With the help of biometrics, it protects you from theft and any discrepancy in your expenses.
2. Convenience
Convenience plays a major role in the fast pace of modern day life. As a customer, you want your shopping and payment experience to be as hassle-free as possible. With the advent of signature-less credit cards, the checkout process is much smoother and quicker. Every time you purchase merchandise, the experience is consistent and efficient. It also decreases the costs linked to storing signatures safely.
3. Time efficient
Standing in line while you sign for your purchases and then have them run a check on it is time-consuming and inefficient. Not to mention that it leaves a lot of room for human error. A simple biometric identification is completely hassle-free and saves a lot of time. And for the millennial generation, time is the most valuable currency.
The removal of the signature requirement from credit card transactions is a step forward in the security and evolution of digital payments. Drastic changes have occurred in consumer habits and its relation to technology. And the best credit cards in India tried to make the payment process as straightforward and effortless as possible for the customers. The convenience and security promised by this change is set to take India a step forward in the direction of a cashless economy.
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