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Why Are Contactless Payments Secure?

Nowadays it’s common to pay for things with Apple Pay, Google Pay, and other digital services―it’s a regular part of everyday life. We’ve become accustomed to quick digital transactions, from ordering food to booking our next vacation. As more payment technologies, such as contactless NFC payments, become available, as a consumer you might be concerned about whether you can keep your money safe this way. But you don’t need to worry, and here’s why.

Why Is Contactless Payment Secure?

Contactless payments nowadays are much more reliable and secure than magnetic-stripe cards. First of all, there are certain restrictions on transactions. Transactions are limited to a certain maximum amount in order to prevent fraud, and this amount may vary by country or bank. For example, large transactions typically require a PIN entry. It is also very difficult for a potential thief to come and steal all your banking information with a special skimming “device”. To make a transaction, a thief must have a skimming device connected to a bank, which makes it easily traceable if a fraudulent transaction is detected. Moreover, if he tries to make a fraudulent transaction, contactless payments are protected by complex cryptography and anti-fraud systems. The thief will get no valuable information from skimming your contactless card or wearable.

There are several other reasons why major banks and payment systems such as VISA and Mastercard are confident about security of contactless payments and we will explore them deeper in the next blog entries.

Are You Ready to Switch to Contactless Payments?

With wristbands, smartwatches, fitness trackers, and even jewelry, today there are so many wearable devices that we can use for contactless payments so we don’t have to reach for our wallets. Contactless payment technology has become so popular that each of us can link our credit or debit card to any smart device. For instance, on our iPhone we can easily add a bank card with the Apple Pay application, securely storing all the information from the card. You can do the same with payment wearables from Rosan Pay by Rosan Diamond―just link your card to the wearable, and you’re ready to make contactless payments anywhere in your own stylish way!

Rosan Diamond has more than 25 years of experience in the payment industry and is a reliable partner for more than 30 banks around the world. Our unique competence and our extensive knowledge of the production of magnificent lapidary cards enable us to create various types of smart jewelry, using a wide range of materials and in full compliance with ЕМVСо contactless-payment standards.

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