3 Ways in Which ‘Plastic Money’ is Evolving Physically

The way we use plastic money has changed rapidly over the last few decades by the use of credit, debit and even rewards cards.

Yet the physical features of the cards that you use have changed very slowly. So here are some of the ways in which the physical features of plastic money are changing:

#1: Unembossed Cards

Even though cards with embossed characters are still being issued by banks, Visa and Mastercard in particular, are now offering cards without the raised letters and numbers on the card. One advantage of issuing an unembossed card is that you can get one in no time at all if you visit your local bank to get a new card issues.

Despite this apparent advantage among others, the cards with embossed characters are still in use, thanks to the convenience that it offers merchants. But sooner rather than later, don’t be surprised if you find a smooth card in your mailbox.

#2: Smart Cards

Magnetic strips might have replaced carbon-copying sometime back but even this technology isn’t the latest. Now, smart cards use embedded chips to make payments. All one has to do is insert it in a slot or wave it at a special terminal.

While smart cards are common in Europe that switch will occur in the United States over the next decade – with changes first beginning with the merchant community.

But don’t expect cards with magnetic strips to disappear completely as hybrid cards with chips as well will continue to be in use.

#3: New Security Features

With fraud being a reality that banks have to deal with, there are some changes that have been made to a card’s security features as well. First, they have removed the hologram and have updated the signature panel from being just a mere blank sticker.

What remains is the CVV code for card-not-present transactions but the best of all is a card without a magnetic strip which prevents thieves from being able steal payment off the card itself.