Security-conscious GratisCard shows no personal information
The new GratisCard is a credit card that shows none of the cardholder's personal information on the plastic itself, helping to prevent any fraudulent use should the card get lost or stolen. The GratisCard, which debuts on April 1, 2007, does not feature a name, card number or physical data on the actual credit card.
Additionally, the GratisCard will be the first U.S. credit card to make use of PIN numbers for all credit transactions. This type of authentication is already widely supported in Europe through what is known as Chip and PIN technology, which is said to be much safer than signature-based transactions.
The GratisCard payment card company is being launched by AOL founder Steve Case and Revolution Inc., Case's investment company.
GratisCard will mainly target merchants like fast food restaurants that process low-cots payments.
A Gartner analyst said the credit card is designed for consumers with bad credit to medium credit and features simple technology to make the credit cards anonymous as well as useless in the event of theft.
Meanwhile, merchants will appreciate the notably lower interchange fees charged for the GratisCard, the analyst added.
Published: March 30, 2007
- ACH network unveils same-day bill pay – Running late on a bill? Same Day ACH enables credit card users to make same-day payments to issuers through their online banking systems ...
- Retailers cash in on booming mobile card reader adoption – Mobile card readers are a game-changer for former cash-only merchants ...
- 'Plain vanilla' credit cards: 5 reasons to choose one – Credit cards with no frills, no rewards, no hassles have become popular; here's why one may be right for you ...