Contactless Technology: 3 Things You Should Know

Contactless technology is nothing new. It’s been with us for over two decades now, and countless businesses and institutions around the world use it today to conduct transactions, easily, quickly and securely. In fact, Visa says that 48% of its in-person transactions (excluding the U.S) are contactless. This includes more than 50% in Canada and the U.K, and a staggering 90% on Australia. (more…)

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A Quick Look into Some of the Features of EMV Chip Technology

Credit card fraud is one of the most common forms of financial crimes reported on a global scale. Back in 2018, nearly $24.26 billion was lost to credit card fraud— the instances of fraud have tripled since 2014 to reach as high as 160,000 reports throughout the US alone. Additionally, the increasing use of digitized payment methods and online card payments has put consumers at higher risk of financial fraud than any other. (more…)

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Contactless Payments: A Look at the Benefits

Contactless payment systems are one of the more recent developments in the digital payments industry. Making use of Near-Field-Communication systems that you find in all recent phones, contactless payment methods let you make payments through your phone. The global leaders for this technology include Google Pay, Apple Pay and Samsung Pay—pushing forward the growth of proximity mobile payment transactions to nearly $314 billion. (more…)

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Moving with the Times—Why Banks are Incorporating EMV Chips in Credit and Debit Cards

Financial fraud is a growing concern in the modern commercial market. One of the most common targets of financial fraud is theft through credit and debit cards which use magnetic strips to record the customer’s account details. The latest figures tell us that nearly $27.85 billion were lost to credit/debit card theft and these numbers are projected to reach $35.67 billion in the next five years. (more…)

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Cashier-less Checkout: Can It Improve The Customer’s Shopping Experience?

It may seem a little harsh to say this—but human processes are always slower than automated ones and a program always does a better job than a human. Cashier-based transaction processes are slow, prone to errors and require customers to wait longer to complete their purchases. The internet of things and automation enable retail service providers to eliminate these inefficiencies in the form of self-service checkout systems. (more…)

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