MEPS is coming up with a service where consumers can use their MyKad as a prepaid card for their purchases. Other than topping up cash into your MyKad, all you need is a MyKad reader and merchants who are ready to accept this new payment method. How it works, well, I don’t know for sure because I didn’t understand it from the way it was written. Let me copy and paste it here (source: Business Times):
The MyKad or ATM carsd are like prepaid cards. You plug the card reader, insert your card to make real-time payment and then remove the card, and no one can steal your money. It is more secure.
Ok, but where do I plug the card reader into? People have got to learn to explain things from scratch and can’t assume that we know what’s in your head!
Anyway, coming back to this topic, MEPS claims that this is the safer transaction method and no one can steal your money in the card. But my question is, if my MyKad is stolen, is there a function to stop transactions on that card? I know for a fact that if my credit card is stolen, I can make a call to the bank and curb all transactions.
In any case, even if the transactions can be stopped, I still won’t be using MyKad to make purchases because the card contains personal information like my name, ID number and address. Who’s to know that the information won’t get downloaded when you plug it into some card reader?
So thanks MEPS for being somewhat innovative, but no thanks.
