Mastercard are getting the banks to replace most customer cards with NFC capable cards featuring their Paypass system for contactless payments. Visa have their own system called Paywave. These technologies have already been commented on by a number of geekzone bloggers.
Now I'm personally not happy about this on a couple of levels
- I can't choose the per-transation payment limit - that has been set by the bank
- I can't choose to have a pin required for this payments
- I can't have it disabled on my card
- I can't set a daily or weekly limit on these transations
- It isn't an ewallet type system where I can pre-load an amount and reduce my exposure/risk
So what choice do I have right now other than finding a bank that can provide me with a card in the short term until such time as they also are required to implement this system as well.
Oh and I have been assured by the bank that I'm not exposed to fraud as they will pick up on any reported misuse, but I'd rather have some options around minimising my own exposure.