Tap-to-Pay
Why Cybersecurity is Crucial in the Age of Tap-to-Pay
Tap-to-Pay is by no means a new technological development, but thanks to the COVID-19 pandemic, it has become increasingly popular as a method of payment since it is ostensibly contactless. It is also a payment method that can be used even without a card, since many wearable devices such as smartwatches feature tap and go payment options. With rumours that Apple Pay will be launching in South Africa this year, it is likely to become increasingly available. However, this begs the question, what about security? When no physical card is required and often not even the authentication of a Personal Identification Number (PIN) for smaller transactions, who is responsible? The reality is that banks, merchants and users all need to play their part to minimise fraud and safeguard their money. Are c...
Use of Digital Payments is Growing Rapidly in South Africa
Sourced from Htxt.Africa The accelerating rate at which retail merchants are enabling consumers to pay digitally at point of sale is said to be fueling the growth of digital payments in South Africa. This is according to FNB, which revealed that its Scan-to-Pay and Tap-to-Pay functionality on the FNB APP recorded the highest month-on-month usage growth in August 2020 since launch. The Bank states that month-on-month transaction volumes on Scan-to-Pay – which allows users to scan a QR Code to make secure payments at a physical point of sale or on an online merchant website – grew by 36% in August while values increased by 39%. Similarly, month-on-month usage of Tap-to-Pay functionality – which allows users to pay for goods by simply tapping their smartphone to pay at a point of sale – incre...
