Is Contactless Payment Safe and Secure?
With an increased incentive to provide “clean” and safe payment processing, contactless payment is finally getting its due credit in the U.S. This technology has already been widely adopted in Europe, Southeast Asia, and countries like Canada and Australia, where “tap-and-go” payment is the normal and expected method of payment.
America lagged behind on contactless payment for a few main reasons. First, banks put off the technology as it would cost slightly more to produce cards with the NFC antennae at a time they were already mandating EMV chips for “insert card” payments. Second, merchants were expected to pay more for POS systems that used a technology few consumers had, let alone demanded. And finally, American consumers simply felt no need or preference for contactless payments.
The benefit of being late adopters, however, is Americans are now able to rely on the proven track record of the security and safety of contactless payment shown in other countries.