Nowadays, it is rare that we have to swipe our cards. Covid was instrumental in accelerating the transition to contactless tap payments. They now account for 45% of all transactions made by people around the globe. Apple Pay and Google Pay for smartphones allow the phone to act as a tap to-pay card. This means that cards do not need to be entered into the payment equation to make many of the payments.
Also, security is a concern. Signatures can easily be forged, so PINs are far safer than signatures. Banks now make use of artificial intelligence to prevent fraud by tracking payments using automated systems.
Ajay Bhag, President of Mastercard’s Cyber & Intelligence Business, stated: “It is time to embrace these best in-class capabilities which ensure consumers are able to pay easily, quickly, and with confidence. The best thing for customers is the best for all of us .”
This move was supported by other industry players, such as payment merchant groups.
Publiated at Thu, 19 August 2021 11:21.20 +0000