When it comes to the use of the contactless pay by PSI-Pay, the payment method is secure and should not be compared to the chip technology that consumer is aware of being less secure. New studies show that in today’s forms of payment in the United Kingdom, in every for transactions that are made, one of them involves the contactless method. There is the need for consumers to understand that the rising number of “taps’ among clients does not come with risk in security. The following reasons show that there are no security threats when it comes to using the contactless form of payment.
First, it is essential to understand that all the payments using the technology are intentional. There is nothing like accidental payments when it comes to the tap-and-go technology when you get close to the POS terminal. The payment technology is well protected by the Europay MasterCard and Visa (EMV) standards which are responsible for the technical standards for payment terminals and all ATMs across the globe. The customer’s payment card has the Near-Filed-Communication (NFC) technology that ensures that they are safe. As long as the customer does not bring the card close to about an inch, they do not have to worry about accidental payments.
The other measure that PSI-Pay has taken to ensure that the contactless payment is secure is the limited transaction value that a customer can make. For instance, if you use the payment technology in the United States, you cannot exceed the 25 dollar limit. On the other hand, when in the United Kingdom, the payment cannot go beyond thirty pounds. The sales that exceed these limits are not accepted in any Point of Sale, or else the client produces their signature or PIN for identification. The technologies are supported by industry groups such as the Smart Card Alliance Payment council that believes that the encryption technologies are secure for use by customers.
PSI-Pay is an e-Money institution that is authorized and regulated by the Financial Conduct Authority of the UK to issue e-money in the SEPA region. The firm is also a principal member of MasterCard, and it is licensed to give Debit and prepaid payments card all over EEA.