Currently in the UK, over a quarter of payments are made using contactless payments. It should come as no surprise that the number of contactless payments are growing, given their safety and ease of use. Contactless payments are secure due to encryption technology, which does not require users to input a PIN. Inadvertent payments are made nearly impossible due to near-field communication technology, since the reach of at the point-of-sale is less than an inch. Another reason why consumers should have peace of mind with contactless payments is that each transaction is limited to only 30 pounds in the UK.
The use of contactless payments should expand further in the future due to the efforts of an alliance of numerous technology companies, including PSI-Pay Ltd. PSI-Pay Ltd. is an e-Money institution licensed to establish contactless payment programs in the European Economic Area. It is dedicated to ensuring that the contactless payment systems it establishes are secure so that consumers do not have to worry about fraud when they make payments and that the systems meet all required regulations. PSI-Pay Ltd. is made up of numerous, highly-trained tech professionals who are experienced in potential issues that arise with the use of contactless payments in business and are among the top of their fields.
In addition to PSI-Pay Ltd., an alliance of technology companies known as the Smart card Alliance Payments Council focuses on ensuring that the encryption technology rhar is crucial to preventing fraud remains secure. Yet another group, the Secure Technology Alliance, is dedicated to educating the public regarding contactless payments. It also devotes time to researching new technologies for contactless payments.
With so many technology professionals conducting cutting-edge research into fraud-prevention, consumers can be sure that their transactions are safe and that the technology will become more prevalent in the near future.