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Payment Methods In The Year 2017

March 2, 2017

emv-and-nfc

Credit card payment methods are is constantly changing. In the year 2017, it’s almost bizarre to actually swipe a credit card for a payment. Merchants need to keep up with these fast- changing, more secure types of payment methods.

 

Mobile Payments And NFC Technology

For many consumers, NFC and mobile payments are the new form of swiping. Consumers enjoy the “tap to pay” option. Some of these payment methods require additional security features, some complete with 2-step verification. Credit card companies and businesses alike are smart to switch over to the NFC-enabled tap to pay options, or have cards equipped with multiple payment options. Cards can easily be customized with these features.

There’s good news for businesses with these new technologies. It has been shown that consumers actually spend more freely when they tap a card or use the assistance of an app. Companies may feel better using a card-based option, as the absolute security of cloud-based, or internet-based payment options hasn’t been proven yet and hackers are always a threat.

 

Snap To Pay For Additional Security

Many banks have already had this type of technology for years, where a check deposit only takes a few snaps of a camera to enter a bank account. One credit card company has rolled out “selfie pay” also known as MasterCard Identity Check which enables app users to confirm an online payment by showing their face to the smartphone’s camera. The “selfie pay” app also supports fingerprint biometrics offering the user to authenticate a mobile purchase with either their face or finger at the time of purchase

 

What Does The Future Hold?

The future holds quite a bit for credit card payments. With new and old technologies merging to make things more secure for both businesses and consumers, a rapidly changing industry can be expected. The expansion of EMV card technologies is a definite in the industry, with only a growing number percentage of retailer already adopting it as a primary payment method. Retailers need to be sure to keep up with the times when it comes to EMV payment processing. Consumers are ready to use their chip-enabled cards, yet retailers have been slow to catch on with the trend. It only makes sense for businesses to give their customers a better sense of security and piece of mind. EMV is one technology that is here to stay, so before retailers and banks fall too far behind, it’s imperative that they adopt this important new technology for both security and convenience.

 

The Risk Depends On Your Need For Security

The security needed for different payment methods depends on the products and services being offered. Fast food less of a risk than a $1,000 television purchase, for example. Nonetheless consumers want the utmost in security no matter what they’re buying.

 

CIM USA offers The Latest In EMV Card Personalization Technology.

You can trust CIM USA to provide your company with the latest and greatest in card personalization and technology. From NFC enabled cards to EMV chip-secured cards, your company will know that they can trust our machines for their card issuance needs. This includes a variety of systems for EMV Card Personalization and fulfillment and encoders. Contact us today for a more secure way to handle your card personalization.

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