I am expecting a scathing answer from someone who knows
about all this.
*cringe*
However, until I get it I am going to keep asking this
simple question. Why aren’t there cheap mass produced credit card machines on
which you swipe any one of your credit or debit cards safely, and buy anything you
wish to from the Internet? No one needs to know your card details, your pin,
you don’t need to type in anything on a website.
Chances of fraud are eliminated as you yourself are
swiping the machine.
And you will only need to buy one machine for all of your
online purchases. In fact, you may need just one personal credit card machine for
your entire life. After all these machines are built for high frequency use
over long periods of time, and most people will only use them a few times a
week.
One obvious reason may be the cost of technology to
connect a personal credit card machine to the payment system of a particular
website. However, from my limited understanding of credit card machines, they
basically connect over a telephone line to a particular credit card network/bank/financial
institution. Which means that every website can have a specific number displayed,
where a buyer needs to dial in through his credit card machine, to make a
payment.
Sounds so simple, yet there is a major catch somewhere (I
have a feeling that it will be an embarrassingly simple answer, as I have always
been slightly ‘all things financial’ challenged).
If you have reached here, I am sure you have some theories
or better still you have a concrete answer to my question. Please be kind enough to post it in the comments.
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