Archive for the ‘News’ Category
One of the world largest credit card users Citi Bank is launching first biometric credit card system and the bank has chosen to launch it in Singapore. Around 190000 people age between 25 to 34 are going to be introduced to this system in Singapore. The bank said that there will be no extra cost for both merchants and credit card holders.
Jonathan Larsen, CEO and Country Manager, Citibank Singapore, said, “We’re launching this biometric payment solution as part of our launch of the Platinum Clear Card. And for the next couple of months, we will focus on making the biometric solution available to our Clear customers. However, very shortly thereafter, we will be broadening this to all Citibank cardholders…”
A global biometric authentication and payment solution provider Pay By Touch is providing the technology. John Rogers, founder, Chairman and CEO of pay By Touch commented on a statement to the press that “The biometric credit card service from Citibank and Pay by Touch sets a new standard for speed, convenience and security,”
Citibank says both merchants and its cardholders will not sustain extra cost in using this payment service. The plan is to develop this service to millions of customers in Singapore. What’s more, credit payments, users will also be able to make debit payments from their savings accounts. Citybank plans that; step by step this payment system service will be introduced to the other parts of Asia Paccific.
The biometric credit card features unique and high level security. It will also make the card longevity and this card will be able to use in all existing system. Critics are assuming that this technology will reduce credit card frauds and it will be much safer for the card holder to use there valuable card.
The authority of Chicago is evaluating the costs and benefits of early plan that would requires city taxi drivers to accept credit cards, but most of the taxi drivers are not happy about having to accept payment by credit card; with drivers arguing that the 5%t credit card transaction fee would end up trimming their wages which they cannot pass on to passengers. As a result, a $20 taxicab ride may just charge the driver one dollar, on the contrary, 10 of those fees per day can add up to over $200 each month in losses. Moreover, drivers expressed deep concerns that must the card system go down because they would lose always the fare if the traveler is not carrying any hand cash.
On the other hand, passengers and traveler are unhappy over the refusal of their credit cards can threaten to report the driver to Chicago’s Department of Consumer Services (DCS). But the cab drivers still refuse their cards because day by day gasoline price and maintenance charges become high and if they accept cards then it would be an extra pressure for them. According to Ron Flores, one of Chicago’s 5,500 cabbies, with the price of gas and passengers who do not tip, drivers can loose money transporting riders who use credit cards. However, cab drivers say they have a better idea for the passengers; and that is the passenger and traveler can offer a bigger amount tip to the cab driver before he rejects the card. So, if you plan to go any where and want to pay taxi fare by plastic, you should prepare to give extra tip to the driver!