PSI-Pay on the Safety of Contactless Payment

Technology has played a significant role in stimulating changes within the society. As a result of the adoption of technology in doing business, it is possible for individuals as well as businesses to engage in the contactless payment. The idea behind contactless payment was initiated by the Psi-Pay, a tech company regulated by FinTech. Contactless payment means that there is no need to dig into your wallet or to punch your pin to make payment but using an online platform. As a result of the changes, Psi-Pay has become a popular market player in this sector being for the first time contactless payment has overtaken the use of traditional means of payment such as coins. Thus there is safety concern regarding the security of the users of the platforms in the course of the day to day purchases. However, management of the Psi-Pay has released a detailed report indicating why it is safe to use the contactless payment platform.

 

One of the reasons why contactless payment is safe is due to the security features adopted to make sure any payment done gets to the expected recipient. All the payments done are intentional, meaning the tap and go technology does not facilitate accidental payment. Notably, the contactless payment technology, unlike others, is protected by the EMV standard. Through the use of the EMV stands for Visa, Europay, and MasterCard used for the creation of the technical standard for ATM and payment terminals worldwide. Thus this is an indication that the payment cards either us near-field-communication or chip technology. The other reason why the use of contactless payment is safe it is due to the short distance between the card and the sale terminal. In this case, the sale terminal cannot read a card away than an inch. Therefore, the consumers do not have to worry about a possibility of making a payment accidentally without their knowledge. The other and most important security feature that makes contactless payment safe is its limited value transactions. Depending on the country, there is the amount that the point of sale terminal cannot exceed. For instance, in the United States, the limit is at $25, and the UK is 30pounds. Thus through Psi-Pay, the security features limit the potential loss should identity theft occur.

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