Uncontact payment systems are credit and debit cards, fobs keys, smart cards, or other devices, including smartphones and other mobile devices, using radio frequency identification (RFID) or near field communications (NFC , such as Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any mobile banking app that supports Contactless) to make secure payments. Embedded chips and antennas allow consumers to wave their cards, fob or handheld devices to readers at the sales terminal. Touchless payments are made in physical proximity, unlike mobile payments that use a wide mobile or WiFi network and do not involve physical proximity.
Some suppliers claim that transactions can be nearly twice as fast as conventional cash, credit, or debit card purchases. Since no signature or PIN verification is normally required, unattended purchases are usually limited to small value sales. Lack of authentication providing windows during fraudulent purchases can be made when card owners are unaware if the card is lost.
In 2012, MasterCard Advisors wrote that consumers tend to spend more money using their cards due to the ease of small transactions. MasterCard Canada says it has seen "about 25 percent" higher spending by its brand-name RFID MasterCard credit card users. EMV is a common standard used by large credit card companies and smartphones for use in general trading. The contactless smart card that serves as a stored value card becomes popular for use as a transit system, such as an Oyster or RioCard card. This can often keep non-currency values ​​(such as monthly tickets) in addition to the value of the rate purchased with cash or electronic payments.
Video Contactless payment
History
The car is one of the most famous early adopters of similar technology, and offers a "Speedpass" contactless payment system for participating SPBU cars since 1997. Although Mobil has joined Exxon, this service is still offered at many ExxonMobil stations. Freedompay also earned an early win in space without contact with Bank of America and McDonald's.
McDonald's, KFC, Burger King, Boots, Eat, Heron Foods, Pret a Manger, Stagecoach Group, Subway, AMT Coffee, Tesco, Asda and Lidl are retailers offering contactless payments to their customers in the UK. In March 2008, Eat became the first restaurant chain to adopt without contact.
The main financial entity now offers a non-contact payment system including MasterCard, Citibank, JPMorgan Chase, American Express, KeyBank, Barclays, Barclaycard, HSBC, Lloyds Banking Group, FreedomPay, Cooperative Bank, Nationwide Building Society and Royal Bank of Scotland Group. PayWave Visa, American Express Expresspay and MasterCard Contactless are examples of widescreen credit cards that have spread widely in the US and UK.
The first non-contact card in the UK was issued by Barclaycard in 2007. By December 2014, there were about 58 million unresponsive cards in use, in the UK, and over 147,000 terminals used although this was increasing in number and percentage adoption.
Telecom operators are beginning to engage in non-touch payments through the use of near field communication phones. Pingping Belgacom, for example, has a stored value account and in partnership with Alcatel-Lucent's Touchatag provides contactless payment functionality. In January 2010, Barclaycard partnered with Orange mobile phone company, to launch a contact credit card in the UK. Orange and Barclaycard also announced in 2009 that they will launch mobile phones with no contact technology.
In October 2011, the first mobile phone with MasterCard PayPass and/or Visa payWave certification appeared. PayPass or PayWave accounts can be assigned to embedded secure elements and/or SIM cards in the phone. Google Pay is an application for devices running Google Android OS, which allows users to make purchases using NFC, which initially requires a physical secure element but this is replaced by a host card emulation introduced in Android 4.4 (KitKat). Softcard (formerly known as Isis mobile phone wallet), Cityzi and Quick Tap wallets for example, use a secure SIM card to store encrypted personal information. Touch-enabled payments with enabled phones still occur on a small scale, but every month more and more phones are certified.
In February 2014, MasterCard announced that it would partner with Weve, a joint venture between EE, TelefÃÆ'³nica UK, and Vodafone UK, to focus on mobile payments. This partnership will promote the development of "mobile contactless payment system" by creating a universal platform in Europe for it.
In September 2014, Transport for London's Tube began accepting payments without contact. The number of completed unfinished trips has now exceeded 300m. On Friday 18 December, the busiest single day of 2015, a record of 1.24 million trips is completed by over 500 thousand unique contactless cards.
In 2016, Erste Group launches NFC debit cards that are implemented as stickers in Austria. It can be used in any NFC support terminal for unlimited transactions, but for transactions above the EUR 25 floor limit, a PIN is required to confirm the transaction.
In 2016, contactless payments begin to become more widespread with applicable technological devices also offering this payment feature.
Maps Contactless payment
Security
Depending on the economic space, there may be a payment limit on a single transaction, and some contactless cards can only be used multiple times before customers are asked for their PIN. The contactless debit and credit transactions use the same PIN chips and PIN network with the old card and are covered by the same fraud guarantee. If the PIN is supported, the non-contact card section remains not working until the standard chip and PIN transaction has been executed. This gives some verification that the card was sent to the actual cardholder.
Under the fraud guarantee standard, the US bank is responsible for any fraudulent transactions that are billed to cards without contact.
Floor boundary
Since no signature or PIN verification is normally required, unresolved purchases are usually limited to the maximum number assigned per transaction, known as the floor limit . Limits can vary between banks.
See also
References
External links
- Comprehensive Overview of Contactless
- Patent Landscape Report on Non-Contact Payments
- Contactless.info , archived from the original on April 24, 2014 is designed to provide information for UK retailers who have an interest in receiving Contactless cards]
- Blogs focus on technology without contact
- New credit card is causing security issues, CBC News
- Chase's "blink" uses RFID
- Gateway Ticketing Systems UK Integrating Unsampled Payouts
Source of the article : Wikipedia
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