Tuesday, April 13th, 2010
Yes, have you noticed those terminals, yet, allowing you to use your credit card for small convenience purchases? How about payment via cellphone? How much debt are you accumulating at Tim Horton’s these days? Welcome to the new electronic credit society, and watch as your money slowly moves away from its vestigial traces of a tangible commodity, and towards a virtualized peonage economy where your credits exist solely on the databases of the banks and the taxman. The higher those interest rates go, the closer you get to being a credit sharecropper. And the temptation to use that plastic is only expanding.
Related: Flaherty drafting voluntary code for new credit company debit cards | Banks balk at new credit card rules | The next cellphone trick: transferring money | Bullion and Bandits: The Improbable Rise and Fall of E-Gold | Digital Money Forum Pushes For Electronic Currency | Obama signs U.S. credit card reforms into law | Credit card changes benefit families, Flaherty says | Credit companies seek to avoid regulation, create global debit system | US backing for world currency stuns markets | Coming soon to your cellphone: Your credit card via RFID chip | ‘Smart’ Credit Cards, Pilot Project set the Groundwork for Wireless Credit Wallets | New credit cards may shift unauthorized-transaction liabilities to the holder
Tess Kalinowski, The Toronto Star
April 13, 2010
The TTC has been criticized for foot-dragging when it comes to updating its old-fashioned fare system.
Now comes word that TTC officials have been looking at an open payment system that would allow commuters to tap their debit or credit cards on electronic readers to have their fare added to their bills or withdrawals.
It would work like the card systems popping up in coffee shops and gas stations where the credit card companies are capitalizing on the kind of small, convenience purchases where people typically reach in their pockets for change rather than pull out their plastic.
To get riders familiar with the concept, TTC chair Adam Giambrone is hosting an open house on Thursday, April 15 at 6:30 p.m. in Committee Room 1 at City Hall with New York open payment expert Paul Korczak, who was involved in a pilot project on that system’s transit system.
“Korczak is the former chair of the Transportation Council of the Smart Card Alliance, a current member of the Near Field Communications Academy, and is actively involved in peer reviews and public forums on transit fare payments around the world,” according to a TTC release.