Everything You Need To Know About Contactless Payments

                                                                              
Contactless payment refers to a safe method for consumers to purchase goods or services using a debit, credit, smartcard, or other payment device that employs radio frequency identification (RFID) technology and near-field communication (NFC).

                  Contactless Payments Market


Contactless payment refers to a safe method for consumers to purchase goods or services using a debit, credit, smartcard, or other payment device that employs radio frequency identification (RFID) technology and near-field communication (NFC). This method of payment involves tapping a payment card or other device near a point-of-sale terminal equipped with contactless payment technology. Some banks and retailers refer to contactless payment as tap-and-go or tap.

Radio frequency identification (RFID) or near-field communication (NFC) technology powers contactless payments. When you make a purchase, these radio waves transmit information about your bank account, contactless card, or phone app to the merchant's payment reader. Transactions are always encrypted, so you can be confident that your data is safe and secure.

SBI Card Pay, a contactless mobile payment service for all credit card users, was launched in October 2019. This card enables faster, more convenient, and secure card payment via mobile phones. Furthermore, the payment industry is moving toward contactless payment methods like Google Pay, Samsung Pay, and others. Payment industries are using contactless payment methods to protect users from fraud and provide a seamless experience, such as Omni channel (personalised user experience), improving card security through EMV (Europay, MasterCard, and Visa), loyalty offers on payment, and card holder verification method (CDCVM) to verify user identity, all of which are expected to drive demand for the contactless payments market.

In 2006, security researchers discovered that contactless payment cards can transmit the cardholder's name, credit card number, and expiration date without encryption. They were able to make an online purchase using information obtained from a contactless credit card without opening the envelope in which the card was sent.

Depending on the economic space, there may be a payment limit on single transactions without the need to enter the PIN, and some contactless cards can only be used so many times before customers are asked for their PIN. Contactless debit and credit transactions use the same chip and PIN network as traditional cards and are covered by the same fraud guarantees. Where PIN is supported, the contactless portion of the card may be rendered inoperable until a standard chip and PIN transaction is completed. This provides some assurance that the card was delivered to the correct cardholder. U.S. banks are liable for any fraudulent transactions charged to contactless cards under fraud guarantee standards.

Comments

Post a Comment

Popular posts from this blog

Label-Free Array Systems; Best Suited For Drug Discovery, Rapid Diagnosis, and Security Applications

Image
                                                                                                         Label-Free Array Systems Label-free array systems are widely used in the drug discovery process by biotechnology and pharmaceutical companies. A system works on principle of optical interferometry, impedance-based assays, and refractive index to identify and validate new molecules as the possible drug candidates. Moreover, the system helps to reduce the cost and time for drug identification and validation process. In the past few years, label-free array systems have taken center stage as an effective research tool in all major clinical drug discovery processes. Label-free array systems comprises two types of biosensors, namely optical and impedance-based biosensors, including techniques such as bio-layer interferometry, isothermal titration calorimetry, surface plasmon resonance, and others. Of which, surface plasmon resonance is the most commonly used technique. The main advantag
Read more

Rising adoption of AI to boost Smart Home as a service Market Growth

Image
Smart Home as a service Market Smart Home as a service Market by System (Lighting Control, Home Monitoring/Security, Thermostat, Smart Appliances, Video Entertainment), Channel (Retailers, OEM, E-commerce) and By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030 The global Smart Home as a Service Market is estimated to be valued at US$ 2,483.48 million in 2023, and is expected to exhibit a CAGR of 16.98 % over the forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Smart home as a service or also known as ShaaS is a kind of service where as a substitute of user, service provider chooses, installs, manages, upgrades, and programs smart home devices. Smart home as a service utilizes the subscription-based business designs with monthly payment from users. Competitive Landscape: Key players involved in the growth of the global Sm
Read more

Cataract Surgery Devices have significantly improved over the years with rising emphasis on the safety of the patient and accuracy of the surgery

Image
                                                          Cataract Surgery Devices Cataract surgery involves replacing the natural lens of the eye with an intraocular lens. The condition causes a cloudy vision. The natural lens of the eye has become opaque. In order to correct this problem, a person may need this procedure. The surgery is commonly known as a lens replacement. Although it is not a traumatic procedure, it can be painful and requires several sessions. However, it is not the only option for this condition. A high-frequency ultrasound device is used during cataract surgery. The surgeon will remove the lens with the use of a suction device. The surgery can be done on the day of the procedure. A temporary prescription eye shield will help to recover faster. After the procedure, the patient will still need to wear glasses or contacts. One can even start a new activity right after the surgery. The process of recovery varies depending on the specific needs and the extent of the
Read more