One of the latest things in credit card technology is this new thing called iCache This latest step on the road to a cashless society tries to combine all of a person’s credit cards into one.
Users register their cards on the company Web site and upload the information into the iCache. When they want to use it, they activate the device with a fingerprint on its biometric strip, scroll through a list of cards on its screen and choose one. Out pops a plastic card with a magnetic stripe, temporarily loaded with the chosen card’s data. Just swipe the card and pop it back into the iCache. After one use, the information on the card disappears. The device even works with loyalty cards, such as those handed out by supermarkets.
What they seem to gloss over is the fact that you have to give this company your credit card information. But I’m certain that there’ll be plenty of people that will do it just for the illusion of convenience that it gives them by combining all of their cards into one.
It’s not a big thing I think, because RFID type technologies are going to quickly push physical cash and cards aside for how easy it’s going to seem when people just need to wave their hand past a scanner to pay for something. It’ll be so convenient that they’ll never realize the true cost of it until it’s too late.