How Contactless payments are a lot safer than you think
Contactless payments; should we trust them? Many people feel disturbed about using contactless payments for the obvious reason; is it safe ?
1.1 Billion contactless transactions where made across Europe during the year to the beginning of July, and research shows that it is set to double over the next twelve months! That means If you’re reading this, then there’s a high chance that you’re part of this statistic, or will be in the near future. This technology is equally popular with retailers ranging from Sports outlets to restaurants and with the extremely rapid development of technological advancement, even contactless visa cards are now becoming outdated and being replaced by Mobile Phones. Only last week multi billion dollar world superpower “Apple” wanted their own slice of the pie and created their very own “Applepay” to exploit the many benefits of contactless payments.
The key benefits of mobile contactless payment
- It’s fast, It rapidly cuts down queue sizes saving you time, and time is money!
- It’s easy, just place your phone near the reader, no counting change or pressing buttons
- It’s secure, uses fingerprint technology,dramatically reducing theft.
- Efficient, no more carrying around multiple items such as wads of cash or credit cards.
More than 2.3 billion was spent on contactless payment last year, but less than 0.006% was lost to fraud, which is surprisingly a much lower percentage than with any other transaction.These transactions are protected by multiple layers of security, which protect both retailers and consumers. The Key safety feature to mobile contactless payment is the Fingerprint technology. Literally the only way you can make a payment is with your fingerprint, so unless there’s someone walking around with the same fingerprint as you, you’re pretty safe!
a few more reasons to why mobile contactless payment is so safe.
- A pin is required after a certain amount of transactions, this prevents continuous use.
- Only allows retail transactions,doesn’t allow to read from fake devices.
- Maximum transaction is £20, this means maximum possible loss is £20 , instead of hundreds or possible thousands if card is credit card is hacked.
Here at our very own Sparta Digital, we’re working closely with the Manchester City council and local transport operators on trialling a smart ticketing mobile app known as using the latest contactless payment known as “buzzin”. This is part of the Frontier Cities project which is a branch of the “FIWARE” acceleration programme worth $80 million . Sparta Digital will be using the newest, most advanced Beacons technology on buses, as a form of bluetooth contactless payment for the buzzin app. This allows you to purchase travel tickets contactlessly whilst stepping on public transport. You are then rewarded with discounts and offers for local shops, stores and events!
The buzzin app will be in circulation shortly around the North West of England, and is currently developing a trial run with bus company Transdev, putting our own mark on the rapidly growing ‘safe’ development of contactless payment.