[ This article was originally published here ]
The Covid-19 pandemic has accelerated the transition to convenient and more secure ways of paying. With increasing numbers of consumers favouring payment methods that are safer and more hygienic, contactless payments have been on the rise worldwide. In the UK alone, this method accounted for of all payments in the past year.
As consumers shift away from more traditional ways of paying like cash and PIN cards, demand for contactless payments is continuing to grow. This has led to many countries raising the payment threshold for contactless; France and many other European countries to €50 from May last year.
What’s more, shoppers in the UK will be able to spend when making a contactless payment from 15 October, as the government more than doubles the spending limit. This will allow consumers to make higher value transactions using their contactless card, like doing the weekly shop.
Governments and financial institutions are investing resources to mitigate the impact of Covid-19 on the economy, citizens and businesses, and to respond effectively and efficiently to society’s new needs. But how will citizens react to the new contactless threshold? How can banks ensure that the right protection is in place to keep a positive perception about payments’ safety and security?
There is a new innovative method to provide fast and secure contactless payments while ensuring great convenience thanks to biometric technology.
Bringing biometrics to the payment card
uses specific characteristics unique to the user, such as the details of their fingerprint, to verify a transaction. Biometric payment systems and are f ..
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