MasterCard has something new called “PayPass” that lets you pay for things by “simply” “tapping” your card on the reader rather than scanning it. So they’re adding RFID chips to their cards…great. And you’re saving about half a second because instead of swiping you are tapping. How is this innovation? How about using your neat new technology, to, say keep digital copies of all my receipts and let me access them online? Or, to help slightly with privacy, store them on the card, in a format that I can easily download onto my computer and into programs like Quicken with one “simple” “tap.” Or how about getting rid of the card altogether and letting me use small, rugged, easily transportable keyfob? There is no reason the digital wallet needs to look anything like the traditional non-digital one. MasterCard went for the easy gimmick rather than real innovation. I’m sure there are lots of other great ideas out there for improving the shopping experience and using RFID chips, smart cards, and the like. Why they decided to latch on to this particular one and put it forward as a MasterCard-specific gimmick that is incompatible with everyone else’s systems is completely beyond me.
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American Express has a similar system called Express Pay which I use. It’s convienent at CVS when I don’t want to waste time fumbling with writing my signature on a recipt which I don’t think proves my identity at all and so I just scribble crap. AMEX actually offers a key fob as an option, but since this technology isn’t widely adopted yet, there isn’t a huge drive for me to get one. Oh, and the AMEX fob can be attached to any MC, Visa, Amex or DC so you don’t have to have an Amex card.
I’m a bit concerned about paying for the person in front of me. The cards seem to need to get really close, but it’s still a tad irksome. I prefer the chip+pin system being adopted in Europe where you put your card in the device and enter a pin to make a purchase – like ATMs. Much more secure than RFID or signatures.
I love your idea of it organizing recipts. There are so many little things like that it could do. Getting even more advanced, they could check warranties on products and everything based on your recipts so you wouldn’t have to fumble around when something went wrong. But I think the main reason these RFID systems are being introduced is because it is getting easier and easier to write mag stripes which means that the mag stripe is becoming insecure. Of course, smart chips were going to do the same thing, but no retailers really jumped on board and it died.