Why are Bank of America and Discovery Bank giving vertical credit cards?
Do you think about the last time you gave your credit card to someone to swipe it through the reader horizontally? Probably, it’s been a while. The U.S. banks issue over 855 million vertical cards, called EMV cards. Credit card users are replacing their cards with vertical or contactless credit cards because tap-to-pay has gained popularity worldwide. The world is attracting more towards vertical orientation and portrait mode. Vertical cards offer a seamless user experience when a user taps the card into the chip reader. Cards with the smarter chip are more convenient than other types of cards.
Major banks of the world are moving with vertical designs. The list is getting larger with time. Bank of America firstly adopted portrait orientation debit cards. t is the second-largest debit card products provider in the United States. Whereas, in 2018, Discover Bank also started offering Vertical Credit Cards.
What Are Vertical Cards?
Vertical cards are also known as Contactless payments and Tap-to-Pay cards. Tap-to-Pay cards made transactions with a contactless chip card over a contactless-enabled payment terminal. Watches, phones, cards, and other devices also use contactless technology. Tap-to-pay checkout is convenient, secure, and touch-free.
1. Discovery Bank Vertical Credit Cards:
Discovery bank is the latest financial institution that introduces vertical bank cards. It offers customers additional convenience and safety during transactions. This new bank card has a vertical card service known as Discovery Pay. This service allows the Discovery Bank’s client to make their details.
Discovery banks offer new parts of their strategy to make their clients more convenient, secure, and innovative ways to make payments. As it is possible to have more than one vertical card, clients can select the transaction type they want to do. Discovery Bank offers as many vertical cards to clients as needed – at no additional cost.
The cards guarantee that no one can steal credit card information. Protection will be much more than a virtual card with its unique expiry date, number, and verification value. Suppose clients use their vertical cards for online payments. In that case, it will reduce their physical card’s online purchase limit to zero for additional security.
2. Bank of America Vertical Credit Cards:
New Bank of America commercial cards mark contactless technology. Contactless technology lets you make secure and fast payments without entering your PIN at countless-enabled terminals. Clients’ first transactions and future transactions outside of bank and region require inserting your card and using your PIN or signature for the verification process.
Like any other credit card purchase you make, Contactless purchases will be displayed on your statement. There is no limit for contactless transactions on the Bank of America contactless cards. Still, there are some regulatory limits per transaction in some countries.
How Does “Vertical Credit Cards” Work?
When a user inserts or swipes his card, they allow you to tap your debit or credit card against a reader. The process involves following steps:
Step1: Look at your card
This symbol on your card shows that you can tap to pay anywhere you see the Contactless symbol.
Step 2: Look at the terminal
Check the vertical symbol at the tap-to-play-enabled merchant terminals, and debit card before use.
Step 3: Tap your Card
Tap or hold the contactless card near the contactless symbol on the checkout terminal. You must enter your signature or PIN (personal identification number) for a debit card transaction. Just insert and swipe a card if a contactless terminal is not available.
How to find out if my device or card can make contactless payments?
We can easily find that our devices or card is contactless or not by:
● Via Visa Contactless Chip Card
Suppose there is a contactless indicator on either the back or front side of the card, where you can see the contactless symbol. In that case, you can use it by tapping to pay at your favorite stores.
● Via Devices
Do you not have a contactless chip card? Don’t worry, and you can still tap to pay into the payment-enabled device or phone by loading an eligible payment card.
Are “Vertical Credit Cards” secure?
Vertical credit cards are a secure form of transaction that effectively minimizes fraud. Your vertical credit cards or payment-enabled devices must be placed within 2 inches of the contactless symbol to make a payment.
You will be assured that your VISA will protect your payment information from fraud losses and uncertified purchases with a zero liability policy.
Benefits of Using Vertical Credit Cards:
Ready to go contactless? Here we discussed some of the benefits of Vertical cards:
Whether you use insert, tap, or magnetic stripe for your transactions, your cards come with zero liability protection and fraud monitoring. You won’t be responsible for unauthorized card transactions, with zero liability protection.
2. Simple to use:
When you see the contactless symbol, tap tap your card there. It’s easier than inserting and swiping your card. At the ATM, it involves tapping your contactless debit card. Then enter your PIN to collect cash. Now view your account balance.
3. Flexible Everyday:
To help speed up your checkout at grocery stores, medical pharmacies, and hotels, tap your credit card. Always use your contactless credit card in the transit system nationwide.
It takes a long time between inserting the card and getting a confirmation in most payment methods. Here vertical credit cards are solving this trouble. Vertical credit cards take seconds for transactions. So contactless payments are much easier and faster than dipping a credit card or paying with cash.
5. Least contact with public surfaces:
Due to the COVID-19 pandemic situation, people are very conscious about touching public surfaces. We avoid contact with shared surfaces as little as possible. Do you want to make purchases with your phone? During shopping, everyone likes to use a contactless payment system. The global pandemic has changed the in-store shopping experiences. So, contactless cards will help a lot in making online purchases.
Are you ready to go contactless? Before the COVID-19 pandemic, vertical cards are ready to take roots in the United States. As the methods of payment by vertical card are much faster and secure than swiping a credit card.