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Re-imagining the credit/debit card

Written by  Siddarth Wednesday, 31 May 2017 09:08

What if your credit/debit card is easier to use?
What if your credit or debit card was only a QR code and did not contain too many number elements in it?
What if your credit or debit card may also be scanned, swiped, dipped?
What if your payment experience was limited to scanning and authorizing rather than handing over the card to the merchant and fearing if the information was going to be compromised?
What if the cardholder was present and s/he had the choice of using PIN or OTP to validate the transaction?

Many such questions arise when anybody thinks of transacting with a merchant. There are no straight forward answers to the above but there are evolutionary steps that can be taken to make the above happen.

Let's try and re-imagine cards within the same dimensions available.

Front side:

  • Unique QR Code
  • Unique Card Code
  • Chip

Reverse side:

  • Name
  • Photograph of the card holder
  • Magnetic Stripe
  • Optional Signature
  • No CVV
  • Contact details of the bank

With the above changes, the cards become inter-operable, both in the digital world, offline world and work just like the current cards.

How would the new card work?

  1. Insert the card in the chip and pin reader.
  2. Enter your PIN or OTP and authenticate the transaction.
  3. Voila, the transaction is done.
  1. Present the QR code in front of the scanner. Wait for a couple of seconds for it to scan.
  2. Choose OTP or PIN to authenticate the transaction.
  3. Voila, the transaction is done.
  1. Add items to the cart and navigate to the payment page.
  2. Enter the unique code against the QR code or scan the QR code when the payment page invokes your device's camera.
  3. Choose OTP to authenticate the transaction.

What does it mean for our favourite online merchants (esp the ones who keep running sales forever!) ?

The change in design reduces data entry. The user no longer, has to enter the following
1. 16 digit card number
2. Expiry month and year
3. CVV
4. Name

All of the above can be replaced by a unique code for each card. The authentication process remains unchanged.

QR code based cards can radically transform the ease of payments and also help reduce the capital/operational expenses for merchants.

Read 1857 times Last modified on Wednesday, 31 May 2017 09:55