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PRINCETON JUNCTION, N.J., Jan. 10, 2017 -- Contactless payments have become one of the most popular ways to pay globally with usage in countries such as the U.K., Canada and Australia growing every day. As U.S. merchants and issuers look to move towards faster, more convenient payments, the Smart Card Alliance is providing new resources, including two infographics and a Q&A released today to outline benefits and security considerations for contactless payments in the U.S.
“It is clear from the rising popularity in other countries that there are significant benefits that come with adopting contactless payments. The Smart Card Alliance has developed these new resources to help U.S. stakeholders determine whether contactless payments are right for their business, and how to take advantage of the opportunities this technology provides,” said Randy Vanderhoof, executive director of the Smart Card Alliance.
Infographics: Merchant and Issuer Guides to Contactless Payments in the U.S.
The Smart Card Alliance’s Payments Council has developed an infographic series to help merchants and issuers understand the value and benefits contactless payments provide, including:
- For merchants: improved transaction speeds; consistent consumer experience; ability to accept additional payment devices; strong security; reduced cash handling; increased spend per transaction; point of entry throughput; use of current infrastructure; new cardholder verification methods; better consumer experience
- For issuers: improved portfolio utilization; straightforward dual-interface deployment; global interoperability; enhanced security; complementary strategy to mobile payments; new opportunities; top-of-wallet status; improved economics for issuing dual-interface cards; faster transactions
To view the issuer infographic, “An Issuer’s Guide to Contactless Payments in the U.S.” and the merchant infographic, “A Merchant’s Guide to Contactless Payments in the U.S.” visit http://www.smartcardalliance.org/publications-emv-and-nfc-complementary-technologies-enabling-secure-contactless-payments/.
The infographic series is based on the Smart Card Alliance white paper, “Contactless EMV Payments: Benefits for Consumers, Merchants and Issuers.”
Q&A: Contactless Payments Security Questions & Answers
The Smart Card Alliance developed this Q&A to address questions about contactless payment security. The questions and answers apply to contactless payment using contactless payment devices that have implemented payment applications from the global payment networks (i.e., American Express, Discover, Mastercard and Visa).
Some of the questions answered in this document include:
- What is a contactless payment?
- How do contactless payments relate to the EMV migration in the U.S.?
- What is tokenization and how does EMV tokenization (e.g., payment token) work with contactless payments?
- How are contactless payments made secure?
- Can information that is read from the contactless payment device be used to create fraudulent transactions?
To view the Q&A, “Contactless Payments Security Questions & Answers,” visit http://www.smartcardalliance.org/publications-contactless-payment-security-qa/.
For more contactless payments resources, visit http://www.smartcardalliance.org/activities-councils-contactless-payments-resources/.
Smart Card Alliance members contributing to the development of these resources included: American Express; CH2M; CPI Card Group; Discover Financial Services; Fiserv; Gemalto; Giesecke & Devrient; Infineon Technologies; Ingenico Group; Initiative for Open Authentication (OATH); Metropolitan Transportation Authority; NXP Semiconductors; Oberthur Technologies; SHAZAM; TSYS; Underwriters Laboratories (UL); Verifone; Visa Inc.; Wells Fargo; and Xerox.
About the Smart Card Alliance
The Smart Card Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption, use and widespread application of smart card technology.
Through specific projects such as education programs, market research, advocacy, industry relations and open forums, the Alliance keeps its members connected to industry leaders and innovative thought. The Alliance is the single industry voice for smart cards, leading industry discussion on the impact and value of smart cards in the U.S. and Latin America. For more information please visit http://www.smartcardalliance.org.
CONTACT: Megan Shamas Montner Tech PR 203-226-9290 [email protected]
