Card Readers: Magnetic Stripe Readers

Faster transaction, uses encryption to protect data, error-free as no typing involved, and retailers do not have access to credit or debit card information.

More secure system as the entered PIN has to be matched with the PIN stored in the chip, and it is more robust than magnetic stripe cards.

Fraud risk, as individuals should ensure that no one else reads their PIN while entering.

<p>Transaction limited to a small maximum amount, transactions carried out without customer’s knowledge, more expensive than normal credit/debit card, and can take money twice if used as a Chip and PIN card also.</p> Signup and view all the answers

<p>RFID readers use radio waves to read and capture information stored in a tag.</p> Signup and view all the answers