Contactless payment first arrived in the 1990s and is now having its moment. Both companies and consumers are looking for ways to conduct business with as little physical interaction as possible during in-person transactions.
We’ve been building to this moment, if you think about it. Organizations have been steadily increasing reliance on digital options and implementing new regulations for all sorts of interactions. For example, event management asks patrons not to bring bags or purses and to empty their pockets at metal detectors in order to streamline traffic flow at gates and ticket booths.
Consumers are minimizing what they carry, which means less cash on hand. The more they can conduct business with their phone, the better, for convenience and efficiency. But given this shift to using our phones for payment, are organizations doing enough to ensure mobile security?
The Rising Popularity of Contactless Payment
Consumers are driving the push toward contactless payment, with credit card companies revealing double-digit increases in its use during the first quarter of 2020. Consumers, Mastercard CEO Ajay Banga told Forbes, are “looking for a quick way to get in and out of stores without exchanging cash, touching terminals or anything else.”
Non-contact forms of payment have been put to use mostly by corporations. The move to digital payments has been slow for small and mid-size businesses (SMBs), which often lag behind enterprises when it comes to digital transformation and cybersecurity enhancements. Expect this to change as more customers feel that using their phone and contactless mobile payments is the safest way to exchange money.
Further, don’t ..
Support the originator by clicking the read the rest link below.
