Implanted Credit Cards

How It Works

Finding more convenient ways to transmit information and make purchases has been a goal of financial companies for years. Recently, companies like MasterCard have invested in scannable credit cards and key fobs that can be swiped in front of a digital reader to instantly access the cardholder's account. The idea behind implanted credit cards is the same: consumers simply wave their hand or arm in front of a special reader.

This same technology has been available for years as an identification system for animals. Pet owners can have a small device mplanted under their animal’s skin by a veterinarian. If the pet is ever lost, an animal shelter or vet’s office that finds the animal can scan it to retrieve the contact information of the owner.

Support for Implanted Credit Cards

The two driving factors behind implanted credit cards are increased convenience and credit card fraud deterrent. Since the card would be with you everywhere you go, you never have to worry about misplacing it or getting stuck at a shopping center without a means for paying. Consumers also wouldn’t have to worry about handing over their credit card to clerks or having their signatures copied from receipts, since there would be nothing to sign.

The card would also be impossible to use except by the person with the implant, cutting down on card fraud and identity theft. With no card to lose and no need to carry around personal information that can be snatched by a pickpocket, consumers could breathe easier about using their credit safely.

Implanted Credit Card Skeptics

The idea of having financial information surgically implanted under the skin is scary for many people. The very thought brings up a lot of questions that haven’t been answered yet, including:

• Is it safe? Although the implants are small, typically only a few millimeters, there still might be the risk for infection or skin irritations. Anesthesia is used to implant the device, exposing the wearer to possible side effects from the medicine as well.

• How do you cancel the card? All you do now to cancel a credit card is call the company and cut up the card. But how will consumers of the future end their relationship with a card that is permanently attached to their bodies? Although these devices can easily be removed by a doctor or surgeon, medical complications may occur.

• Who can read it? The current expectation is that the implant can only be read by a specially designed scanner, although the possibility exists that fraudulent scanners could be developed that would be able to read the implant as the wearer walked by. In a room of implanted credit cards, a thief might be able to read a dozen or so cards without the wearers knowing it. It may be easier now to protect your credit card numbers since you know right away if you lose your wallet.

• How many cards? Most consumers have more than one card, so we can expect to have more than one implant. That could point to a lot of time at the doctor’s office whenever we take advantage of new credit card offers or close out an account.

• Who will pay for it? Funding the implantable chips and corresponding readers will be expensive and it’s not clear how it will be handled. Insurance plans probably won’t cover the cost of the implant since there is no medical reason for it, thus it may be cost-prohibitive for most consumers.

• Could they be stolen? We’ve all seen movies and TV shows where people have lost a finger so it could be used for opening doors or accessing computer programs that are fingerprint- protected. Thieves who are desperate enough could cut out a person’s credit card.

Conclusion

Although the technology is here, there are still many questions that need to be answered about implanted credit cards. Until there is enough of a demand for the product, you can expect these cards to be a dream of the future.

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