Are Contactless Debit/Credit Card Payments Secure?

You have probably asked yourself this question with the increase in contactless payments popularity. Believe it or not, contactless card payments have been around for a long time; however, the popularity increased post-Covid-19; because most people are now more aware and concerned about what they touch.
What are precisely contactless payments? These are transactions done by tapping a contactless chip card or a payment-enabled mobile atop a contactless-enabled payment terminal.
THE SECURITY OF CONTACTLESS CARDS IS AS EFFICIENT AS THE CHIP CARDS; EACH TRANSACTION GENERATES A ONE-TIME CODE, WHICH SUCCESSFULLY REDUCES FRAUD.
MEANWHILE, ARE YOU AFRAID OF ACCIDENTALLY MAKING PAYMENTS WITH YOUR CONTACTLESS CARD? YOUR CONTACTLESS CARD MUST BE 2 INCHES FROM THE CONTACTLESS PAYMENT TERMINAL TO MAKE A PAYMENT, WHICH DISCARDS THE POSSIBILITY OF ACCIDENTALLY MAKING A PAYMENT.

In the same manner, are you worry about double charges? In the case of you accidentally double tapping your card, you will only get charged once.

FURTHERMORE, THE INFORMATION TRANSMITTED WITH CONTACTLESS PAYMENTS ONLY INCLUDES ACCOUNT NUMBER, EXPIRATION DATE, AND A ONE-TIME PAYMENT CODE GENERATED FOR EACH TRANSACTION.

Your name, billing address, and card verification code aren’t transmitted, so rest assured because skimming was a problem of the past. It is essential to highlight that this code is different from the one encoded on your card’s magnetic stripe.

Nevertheless, one of the biggest concerns on contactless cards involves the lack of requesting a PIN or a signature while using contactless payments.

WHAT SECURITY DOES CONTACTLESS PAYMENT PROVIDE TO ITS USERS?

Despite this, if your contactless card is stolen or lost and used to make a purchase, the credit card company’s fraud protection should cover any unauthorized transaction.

With this in mind, in a developing world that constantly seeks to ease and improve people’s lives, businesses need to be continually updated to be competitive on the market. Subsequently, with the increment in the popularity of contactless payments, you need to be flexible and adapt to succeed as a business owner.

Ultimately, if you are looking for a payment service provider who is constantly innovating its products to meet society’s needs, A&B POS Solutions https://abpayus.com/ offers you the protection and innovation your business needs to be successful and keep up with social trends.

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