https://southbeachcapitaladvance.com/how-consumers-and-merchants-make-contactless-payments/
Contactless payments have grown in popularity during the COVID-19 pandemic as a lot of people use them to avoid touching and the spread of germs when making purchases. If your company isn’t yet on board, it’s time to think about the ways this technology could help you.
Payments made through contactless are done by the swipe of a mobile device with chip technology or card over the terminal. This sends the transaction to the card issuer. The card will be asked to confirm the transaction by a checkmark or by making a sound.
The security benefits of using contactless payments are substantial. Contactless transactions are verified. They are not like magnetic stripe cards, which can be copied easily with skimming devices. Only the bank that is registered is able to access transaction data. Typically an individual’s signature or PIN is not required for transactions that are contactless however, the cardholder’s credit card issuer may require verification for transactions that go over an established floor limit that is communicated to the merchant by the card issuer via a chip embedded into the card or mobile device.
Consumers can also make contactless transactions with their smartphones or wearable devices like smartwatches. By connecting their card to a digital wallet, like Apple Pay, they can make use of their smartwatch or phone at the point of sale to pay for purchases. N26 accounts come with an online Mastercard that can be used contactless payments. Additionally, our mobile app offers easy management of your card’s settings.