Contactless transaction benefits, security outlined in free resources from Smart Card Alliance
The Smart Card Alliance has developed new resources for U.S. merchants and issuers seeking information about contactless payments.
"It is clear from the rising popularity in other countries that there are significant benefits that come with adopting contactless payments," said Randy Vanderhoof, executive director of the Smart Card Alliance, in the release. "The Smart Card Alliance has developed these new resources to help U.S. stakeholders determine whether contactless payments are right for their business, and how to take advantage of the opportunities this technology provides."
Separate infographics target merchant and issuer audiences with information about the advantages offered by contactless payments:
- for merchants — improved transaction speeds; consistent consumer experience; ability to accept additional payment devices; strong security; reduced cash handling; increased spend per transaction; point-of-entry throughput; use of current infrastructure; new cardholder verification methods; better consumer experience.
- for issuers — improved portfolio utilization; straightforward dual-interface deployment; global interoperability; enhanced security; complement to mobile payments; new opportunities; top-of-wallet status; improved economics of dual-interface cards; faster transactions.
The Q&A addresses questions about contactless payment security when using contactless payment devices with payment applications from the global payment networks.
Some of the questions answered include:
- What is a contactless payment?
- How do contactless payments relate to the EMV migration in the U.S.?
- What is tokenization and how does EMV tokenization work with contactless payments?
- How are contactless payments made secure?
- Can information read from the contactless payment device be used to create fraudulent transactions?
View the infographics for merchants and issuers.
View the Q&A.