Lauren Georgeson's Insight

PayPass?

Don't you hate it when you get those credit cards in the mail saying you've been "pre-approved" for some amount? I get those all the time, and I ordinarily just cut up the card without reading about it. However, this time was different...

I still get my mail sent to my dad's house, and when I go over there for dinner, he gives me a huge stack of mail. It is usually about 85% junk mail. The only pieces of mail that I get over there that actually matter are my bank statements. I have an account at Key Bank because my sister works there, but I rarely use it. Therefore, I just open the bank statement to see my balance, and then I shred it.

The letter I received this time from Key Bank did not appear to be a bank statement. There was a debit card in it. I thought this was extremely strange because I already have a debit card from there, and it was not a credit card!? At the top of this letter in large print, it read "Congratulations. You've been tapped," so automatically I thought it was junk mail. Despite this appearance, I decided to read the first paragraph to see what this was all about.

It stated: "We're adding a little excitement to your KeyBank Debit Card, called MasterCard PayPass. It makes your card even faster and easier to use than cash. So you can speed through lines at convenience stores, pharmacies, movie theaters, video stores, and drive-thrus. Soon, you may even be able to use it for mass transit, parking garages, and tolls."

This was a new debit card designed to make life a little easier and maybe even safer. You do not have to swipe your card anymore. "It's as simple as a tap." Therefore, your card never leaves your hand, which could make a person feel more secure. On the other hand, the letter also stated that you do not have to sign for purchases under $25 at participating locations. I do not know if that is exactly safe, since anyone can pick up your card and use it. Even though it is only $25 here and there, it adds up! The letter states that "you'll have $0 liability if your card is lost or stolen," but of course, there are restrictions! It states at the bottom in little print "when certain criteria are met." Whatever that means!

Not every place has a PayPass reader, so there is still a magnetic strip on the back. Therefore, you can still use your card as a regular debit card.

The point of this story being how fast technology is advancing! Rumors are pretty soon you will be using your fingerprint, so your identity is kept secure.