IFAN: Great Relief from the Evils Threatening E-Commerce
Gone are the days when you had to take time out of your busy schedule to plan shopping for special occasions, even regular trips. The development of technology facilitated this tedious experience of searching different streets to get that particular dress. Today, you can order or buy anything you want, from home décor items to clothing, with the click of a button, regardless of your location.
This development is definitely a blessing in the hectic lifestyle, but it also has its downsides. Customers are often hesitant to shop online due to credit card woes such as phishing. In fact, rampant online credit card fraud has threatened e-commerce in many ways by alienating its potential clientele. This is an important concern shared by both merchants and customers. Approximately $ 5.6 million is spent to ensure the security of online transactions, however the ineffectiveness of these security systems in curbing the attempts of scammers makes it a total waste of resources.
In case it is among the lot, then a new technology that allows the customer to use debit cards online without entering any credit card information could be a respite. In addition to this, this cutting edge technology is also likely to save online merchants a fortune in fees. In short, this new IFAN technology is a WIN-WIN situation for both customers and traders. While shopping with a credit card, you may feel helpless enough whether you like it or not, but you must fill in information such as CVV code, card number, and more to complete the transaction. What IFAN does for you is that it makes this procedure much more secure by transmitting encrypted information, eliminating any interference from third parties such as PayPal.
Wondering how it works? IFAN eradicates the need for credit card numbers, making it nearly impossible for scammers to tamper with your information. This is possible since when you use a bank debit card, you don’t really have to provide any credit card credentials. In this case, banks consider the combination of a physical debit card and a pin code to be comparable to cash, known as a “card-present transaction.” For example, when the debit card is swiped at a merchant along with its secret PIN number, it is validated as a “card-present transaction.” In this way, the payment is made to the merchant and yet the merchant does not record any of your valuable card credentials such as numbers among others.
What is more comforting is that the encrypted information that is stored on the magnetic stripe of the debit card or even on the digital chip is communicated directly to the bank in question. This process makes the entire shopping experience absolutely safe. Additionally, when the information is communicated to the bank along with the PIN number, programmed funds are delivered directly to the merchant in question without getting an inch close to your card credentials.
It would not be wrong to say that ‘IFAN is quite revolutionary’. There are numerous options available to purchase, such as electronic checks, WesternUnion, prepaid credit cards, and many more. However, despite these various options, you eventually end up buying online by credit card due to its ease of operation. However, by using these credit cards for your online purchases, you may be overlooking their fatal inconvenience that could accompany it.
Changing times, changing needs in the purchasing approach. In other words, online purchases through your laptop and your desktop computer are in fashion. But along with it, smartphones are putting up stiff competition, as various online merchants have software applications that can be downloaded to your phone, and you’re good to go. But the good news is that, to increase its efficiency, this fantastic technology can even be accessed through a Smartphone.