Tap-to-Pay Technology
Contactless Payment Methods Beat Traditional Options for the First Time
Sourced from Htxt.Africa South African bank, FNB has revealed that contactless payments have surpassed Chip and PIN contact payments for the first time ever among its Credit, Debit, Fusion, and Virtual Card users. The Bank attributes the behavioural shift (from chip contact to contactless) to consumer’s preference and awareness of safer, convenient, and quicker means to pay at a Point-of-Sale. “This is a remarkable milestone for the financial services industry, and it augurs well for efforts to improve safety and convenience in the payments network,” says Raj Makanjee, Payments Executive at FNB. “With over 10 million contactless cards in the hands of our customers and 200 000 Virtual Cards activated, we are delighted to see our customers pioneering what we believe to be the future of payme...
Why Cybersecurity is Crucial in the Age of Tap-to-Pay
Tap-to-Pay is by no means a new technological development, but thanks to the COVID-19 pandemic, it has become increasingly popular as a method of payment since it is ostensibly contactless. It is also a payment method that can be used even without a card, since many wearable devices such as smartwatches feature tap and go payment options. With rumours that Apple Pay will be launching in South Africa this year, it is likely to become increasingly available. However, this begs the question, what about security? When no physical card is required and often not even the authentication of a Personal Identification Number (PIN) for smaller transactions, who is responsible? The reality is that banks, merchants and users all need to play their part to minimise fraud and safeguard their money. Are c...
