Gone are the days, when you had to take time out of your busy schedule to plan shopping for special occasions even regular trips. The development in the technology eased out this tiresome experience of searching different streets to get that one particular dress. Nowadays, you can order or shop whatever you want from home decor items to clothes at a click of a button regardless of your location.
This development is definitely a boon in the hectic lifestyle but it has its evils too. Often customers hesitate to make purchases online due to credit card evils such as phishing. In fact, the rampant of credit card fraud online has in many ways threatened e-Commerce by driving away its potential clientele. This is a major concern shared by both merchants and customers alike. An estimated $5.6 million dollars are spent to ensure the safety of online transactions, however, the inefficiency of these security systems to dampen the attempts of fraudsters makes it utter waste of resources.
In case, you are among the lot, then a brand-new technology that allows the client to make use of debit cards online devoid of indicating any credit card information might be a respite. In addition to this, this state-of-the-art technology is likely to save online merchants a fortune in fees too. In short, this new technology IFAN is a WIN-WIN situation for both clientele and merchants. While shopping through credit card, you might feel helpless enough as you like it or not but information such CVV code, card number among others have to be filled in to complete the transaction. What IFAN does for you is that makes this procedure far more secure by transmitting encrypted information, removing any third party interference such as PayPal.
Wondering how does it work? IFAN eradicates the need for credit card numbers making it nearly impractical for fraudsters to whip your information. This is possible as when you use a bank debit card, you don’t really have to give in any credit card credentials. In this case, the banks regard the combination of a physical debit card as well as a pin code to be the comparable of cash, which is referred to as a ‘card present transaction’. For instance, when the debit card is swiped at a merchant outlet along with your secret PIN number, it is validated as a ‘card present transaction’. In this manner, payment is made to the merchant and yet none of your valuable card credentials such as numbers among others go unrecorded by the merchant.
What’s more relieving is that the encrypted information that is stored on the debit card’s magnetic strip or even digital chip is directly communicated to the concerned bank. This process makes the entire shopping experience absolutely safe and secure. Furthermore, when the information is communicated to the bank alongside the PIN number, the scheduled funds are directly released to the concerned merchant without getting an inch closer to your card credentials.
It would not be wrong to say that ‘IFAN is quite revolutionary’. There are numerous options available to shop such as e-checks, Western Union, pre-paid credit cards and many more. However, despite these varied options, one ultimately ends up purchasing online by means of a credit card owing to its ease of operation. Nevertheless, by using these credit cards for your online purchases you may be overlooking its fatal drawback that it might tag along.
Changing times, needs change in the approach on shopping. This is to say that online shopping by means or your laptop and desktop are in trend. But along with it, the Smartphone are giving a tough competition, as several online merchants have software applications that can be downloaded on your handset, and you are good to go. But the good news is that, to add to its effectiveness, this fantastic technology can be accessed even by means of Smartphone.