Major update could change the way you pay forever as Apple Pay & Google Wallet threaten existence of... - The US Sun

CONTACTLESS payments have now become commonplace in every aspect of society, with cold hard cash becoming a thing of the past.

The introduction of Apple Pay and Google Wallet have changed the way consumers purchase goods in stores - and another overhaul may be incoming.

Credit cards are at risk of extinction thanks to the boom in contactless payments

2

Credit cards are at risk of extinction thanks to the boom in contactless paymentsCredit: Getty

Credit cards are at risk of going extinct after being eclipsed by their digital forms that are accessible from smartphones.

The simplicity and speed of using a mobile device to pay has proved a hit with Americans who don't want to fumble for their card.

But tech boffins are now considering getting rid of credit card terminals altogether to completely modernize transactions.

Payment processing giants such as Mastercard and Visa are hoping to use near-field communication (NFC) chip technology to redefine the finance world.

Three ways to pay for holiday gifts to avoid racking up credit card bills
Over 1.2million credit cards revealed on Dark Web in horrifying leak

It would allow retailers to accept phone-to-phone payments instead of reaching for the bulky card machine.

Smartphones would have to be equipped with NFC tech to allow all contactless payments to be accepted.

All Apple and Android devices that feature Apple Pay and Google Wallet already have this built-in - so the move would essentially get rid of an unnecessary aspect of the transaction.

According to Wired, smaller merchants, delivery companies, and take-out restaurants would be the first to forgo the traditional method.

Most read in The US Sun

After Covid scared people off handling physical cash, mobile payment services such as Venmo and PayPal boomed.

Global head of insights and networks at Money 20/20, Nick Holland, believes it is time to bid farewell to our retro payment methods.

He said: "I'd suggest that the time is ripe to plan for plastic (and metal) cards to be sent to Shady Pines Retirement Home for the Tragically Overstayed Welcome."

Replacing your physical cards and cash with a contactless payment technology makes paying faster and life easier, whether you're in a shop, on a website or using an app.

To a degree, consumers can enjoy another level of security by using their mobile phone to store their credit card, as verification is required before a transaction will go through.

But mobile phones are still a commonly stolen item as well as online fraud and cybercrime being on the rise, some people are uneasy about putting their faith in digital payments.

We previously informed iPhone users of a simple trick which can block dangerous hack attacks from emptying your bank account.

The simple iPhone hack lets you turn you into a "Fort Knox" – staving off cyberattacks that might raid your funds, photo albums or logins.

First glimpse pics of tired Trump revealed on day of Tiffany's wedding
Inside Nasa's bizarre 'inflatable heat shield' mission

And Android owners were warned not to drop their guard as a notorious hack attack remains "increasingly active".

False websites are promoting fake apps of popular brands like Google Wallet to access sensitive bank login details.

Payment giants want to forge the way for phone-to-phone transactions

2

Payment giants want to forge the way for phone-to-phone transactionsCredit: Getty

Commentaires

Enregistrer un commentaire

Posts les plus consultés de ce blog

Crédit Agricole and Worldline enter into exclusive discussions to create a major player in merchant services in France - Yahoo Finance

Image
WORLDLINE SA Crédit Agricole and Worldline enter in to exclusive discussions to create a major player in merchant services in France A u nique alliance to create a major payment s player in the largest Continental Europe payment market of c.€ 700 billion Merchant Sales Value ( " MSV " ) Str ategic long-term partnership between the leading French retail banking Credit Agricole Group and Worldline C ontemplated c reation of a joint company fully operational by 2025 combining Crédit Agricole 's merchant acquiring footprint , French market intimacy and distribution power with Worldline 's leading innovation, technology and global infrastructure Paris, La Défense, April 19 , 202 3 – Worldline [Euronext: WLN] , a global leader in payment services, and Crédit Agricole SA [Euronext: ACA ], announced today the signing of a non-binding exclusive agreement regarding a strategic partnership to create a major player in the French payment market. Gilles G...
Lire la suite

Wawa to Pay $8M in Data Breach Settlement With State AGs - CSNews Online

Image
WAWA, Pa. — Wawa Inc. will pay $8 million to end an investigation into the 2019 data breach that affected approximately 34 million payment cards at convenience stores and gas stations across the retailer's network. The company has pledged to strengthen its data security practices, according to a copy of the settlement agreement and statements from attorneys general for Pennsylvania and New Jersey. Wawa did not admit wrongdoing as part of the settlement. Pennsylvania Attorney General Josh Shapiro and New Jersey Acting Attorney General Matthew J. Platkin co-led the multistate probe and announced the settlement agreement. Five attorneys general from other states and the District of Columbia also participated in the investigation. The settlement will be divided between Pennsylvania, New Jersey, Delaware, Florida, Maryland, Virginia and Washington, D.C., which each receiving different amounts from the $8 million total. The agreement marks the third-largest credit card breach settlement ...
Lire la suite

PayPal hikes fees as Venmo starts charging for some services - Fast Company

It's the classic maneuver. Hook 'em, then hike 'em. [Photo: iStock] By Arianne Cohen 2 minute Read Venmo users received an unexpected email this week titled "New and upcoming changes to Venmo." The mobile payment service, which is owned by PayPal, wants you to know that it will begin charging fees on common transactions: "Goods and services" transactions will now cost sellers 1.9% plus 10 cents beginning July 20. The transactions were previously free (though credit card transactions had a 3% fee). Instant money transfers from a Venmo account to a bank or debit card account will be charged 1.5% (25 cent minimum, $15 maximum) beginning August 2. The prior fee was 1%. Slow transfers, which typically take 1-3 business days, are still free. PayPal has long included a "goods and services" option, which is a major revenue generator. Sellers use it because transactions only receive purchase-protection benefits if they are marked as "go...
Lire la suite