What if someone told you that physical credit cards will be obsolete in this decade? Remember the fax machine, VHS. Would you be surprised? Probably not, given the rapid growth and development of technology these days. With the advent of mobile payment technology like digital wallet apps, wearables and biometrics, it's no wonder physical cards could be going away soon.

The Importance of Code for Security

Everyone worries about the security of their account. Hackers can get into your account and retrieve your credit card number. They can do a lot with this information and the fact that your account number never changes increases the chances of someone hijacking your credit card account. But with a randomly generated code, or token, hackers will come up empty when attempting to retrieve your information. According to Paymetric.com, "A token cannot be reverse-engineered to reveal the actual card number". And even if the code is retrieved, it's pretty much useless for any other transaction, because tokens are randomly generated, meaning they can't be decrypted or "cracked".

No More Plastics

As more and more credit card companies implement tokenization into their databases, the need for physical credit cards will gradually decrease. There's a number of benefits to this. Cardholders won't have to worry about their cards being lost or stolen. Tokenization significantly increases account security. Companies can also benefit from an increase in security for their own data.

Next-Gen Mobile Payments

Speaking of companies and what they can do to increase their own security as well as their customers' security, the use of a "smart beacon" device is a great solution for the next-gen of mobile payments.

mBeacon Products like mBeaconPay and mBeaconSAM use tokenization and advanced cryptography for secure mobile payments. These products are small Bluetooth modules that are connected at the point-of-sale upgrading existing payment terminals to accept mobile-wallets in apps securely and from wider distances.

Here at Netclearance Systems, Inc., our mission is to create new, innovative ways to make your mobile transactions and payments more secure.

For more on mobile payments security, contact us