The Safety Of Contactless Payments
contactless payments are safe. After all, they don’t mean there’s any less security than chip technology. PSI-Pay’s contactless payments have gotten quite popular with one in four payments being made in the UK with contactless cards. As the system gains even more popularity there is a growing concern about the level of security, but there is no need to worry.
Encryption Technology Secures Trust
Only intentional payments are counted. The Tap-and-go system doesn’t go haywire and start posting payments if you get near a POS terminal. Payments are protected by the Europay, MasterCard and Visa standards. With these standards include the protection of the cards because the cards will either have chip technology or they will use NFC technology. This standard is managed by both encryption keys and PIN codes. Individuals have their own PIN number and encryption key. Even though the contactless payments will not use a PIN, the security is there because of the encryption keys. The card will have to be closer than an inch of the machine to activate a payment. The system is also regulated by only allowing small transactions to be processed through the tap-and-go system. The POS terminal is set to limit spending to $25 in US. and 30 pounds in the UK. Anything higher than this amount will require the consumer to give a PIN number or signature for authorization.
PSI-Pay is an e-Money company that is governed by the UK Financial Conduct Authority. The UK FCA allows PSI-Pay to distribute e-money over the SEPA region. PSI-Pay uses MasterCard worldwide and can offer both debit and prepaid cards. It can also offer virtual cards for use in virtual wallets as well as contactless programs. PSI-Pay believes in empowering their partners to make sales, distribute and manage payment card programs. The company’s partner sponsorship model adjusts to specific partner requirements guaranteeing that cardholder money is protected and all other regulations are met appropriately. PSI-Pay has a staff of very experience financial card professionals who understand the business and already know tried-and-true methods to handle any solutions that may arise.