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Contactless Payments: The New Wave

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Authentication , Finance & Banking , Fraud

Contactless Payments: The New Wave Security Leaders Discuss How to Balance Security vs. Convenience Geetha Nandikotkur (AsiaSecEditor) • January 22, 2019

As part of its ongoing push toward cashless payments, India is taking steps to ramp up the use of contactless payments, which are already becoming more common in Japan, South Korea, Australia, the U.K. and the U.S. (See: Securing Contactless Card Payment Transactions)

See Also: Webinar | How to Maximize Cybersecurity Risk Ratings in 2019

RBI is requiring card issuers to launch contactless cards and merchants to upgrade their infrastructure to accommodate them. It has created rules for securing the transactions, stressing the need to balance security and convenience (see: Move to Chip Payment Cards: Work in Progress).

In addition, the finance ministry has asked all banks to issue near-field communication-enabled contactless credit and debit cards for all customers....(continued)

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