The year 2020 forever changed the way we work and perform routine tasks. With the emergence of the deadly coronavirus and the resultant adoption of social distancing, even as the virus approaches its second anniversary, the concept of digital, contactless payments remains prevalent.
Prior to the pandemic, the digital payment sector had seen significant growth with the rise of mobile payment applications like PayPal and Apple Pay.
Contactless payment instruments like digital wallets and payment cards offer secure and fast transactions with less physical interaction, such as a tap of a mobile app or a payment card.
Still, these payments can become more secure, efficient, and faster with blockchain technology.
With Convenience Comes Risk
As contactless payment technology is steadily being integrated in devices, its demand has also increased. However, digital payments have their own setbacks that can lead to online fraud and security loopholes.
Data privacy and mobile security risks accompany the convenience of contactless payments. Since the user does not need a PIN, a stolen device or lost credit card can allow a criminal to easily access the account. A phone that has no security features in place can make it very convenient for anyone to make purchases without being detected.
Continue reading: https://www.technewsworld.com/story/the-blockchain-solution-for-secure-contactless-payments-87337.html
Prior to the pandemic, the digital payment sector had seen significant growth with the rise of mobile payment applications like PayPal and Apple Pay.
Contactless payment instruments like digital wallets and payment cards offer secure and fast transactions with less physical interaction, such as a tap of a mobile app or a payment card.
Still, these payments can become more secure, efficient, and faster with blockchain technology.
With Convenience Comes Risk
As contactless payment technology is steadily being integrated in devices, its demand has also increased. However, digital payments have their own setbacks that can lead to online fraud and security loopholes.
Data privacy and mobile security risks accompany the convenience of contactless payments. Since the user does not need a PIN, a stolen device or lost credit card can allow a criminal to easily access the account. A phone that has no security features in place can make it very convenient for anyone to make purchases without being detected.
Continue reading: https://www.technewsworld.com/story/the-blockchain-solution-for-secure-contactless-payments-87337.html
