Contactless Payments – A New Way to Pay
In the midst of the COVID-19 pandemic the popularity of contactless payments exploded in the US as people were becoming wary of public spaces and turned to tap-and-go payment methods for convenience and security. The technology is already a huge hit, and the latest implementations combine the convenience of cards with the ease of making use of mobile apps to provide a more secure experience.
In a contactless transaction a card is brought close to a point-of-sale or terminal https://southbeachcapitaladvance.com/how-consumers-and-merchants-make-contactless-payments/ for cards with the contactless symbol that looks like a WiFi signal which is turned on its side. During this period, information is transmitted electronically through fingerprints. This helps protect the card against theft. This system is more secure than magnetic stripes that are found on the back of traditional credit cards, which makes it easy for criminals to steal and copy your account information.
While some are still concerned about security concerns with contactless payment, the truth is most banks offer a 100% protection against fraud on these transactions. The majority of cards also have a low limit on transactions using contactless technology, meaning that a potential fraudster will need to pay quite some time before they can run up unauthorized charges. Some mobile apps come with additional features that guarantee your privacy, like having you sign a face or fingerprint identification to authorize purchases. In the end, many customers are now more comfortable using contactless payments and expect businesses to accept them to improve their overall shopping experience. Businesses that wish to streamline their payment process can reduce wait time for customers by accepting contactless payment.
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