PayPal

For both in-store and online retailers, there is a race going on to redefine the future of payments and your wallet. With another major retailer, Home Depot, announcing a massive security breach that compromised up to 56 million payment cards, it is clear that the safety of traditional payment systems continues to be in question. How safe is your personal information and how will these new payment methods improve security?

Between credit and debit card transactions, $12 billion dollars changes hands everyday in the US. This represents around 200 million transitions, of which almost all card-present transactions are done through the magnetic strip. By today’s standards magnetic stripe cards are dinosaurs. Originally developed in 1969, the technology achieved mass production in 1971. Since that time very little has changed with them or about how we conduct transactions.