As for acceptance, more and more businesses give their consumers the opportunity to pay by tapping their card onto a special checkout terminal. Even the Metropolitan Transportation Authority plans to make contactless payments available by the end of 2020.
Why are contactless cards so popular, indeed? The first reason is the simplicity and convenience of use. Cardholders no longer have to urgently search through passwords from all their cards in their mind to find the necessary one, or to worry about the person behind them possible spying on it. Another crucial point is the high speed of payment processing. The contactless transaction is typically being completed in just a couple of seconds compared to traditional cards that can take about 10 seconds for the operation.
Nevertheless, many people still have doubts about the reliability and security of such a payment method. In fact, it turns out that in most cases there is absolutely nothing to fear as contactless payment fraud is a rather rare incident. To get added evidence, let's figure out how the contactless card payment process occurs.
Contactless cards use the same technology as EMV Chip Cards. It means that all transactions are just as secure. When being used, contactless cards create a one-time code that masks your account information but makes it possible to identify the transaction. During this process, such information as your name or CVV/CVC code (three-digit number on the back of the card) is never transmitted.
In addition, most card issuers or card networks are able to detect and stave off fraud. The fraud protection is often offered with contactless credit cards. It typically includes fraud monitoring and alerting of card owners in case of suspicious activity. Thus, even if your card is lost or stolen, you can feel protected since you won’t have to pay for these unauthorized purchases.
Considering all the factors mentioned above, no wonder contactless payments are reckoned among the most secure ways to pay. In many countries around the world, contactless cards now outnumber chip cards. As you might guess, America is expected to be no exception very soon. And it’s definitely not the case when you should think twice considering a card.
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