Mastercard has said that it plans to encourage contactless payments to increase convenience and improve the security of transactions.
Bankbazaar Singapore – February 8, 2018
Singapore: The electronic payment solutions company Mastercard is taking steps to encourage “tap and go” payments across the world to improve efficiency and security for its consumers.
“Tap and go”, also known as contactless payments system, uses technologies such as Near Field Communication (NFC) and smart cards for money transaction. They come with an EMV authentication system that ensures protection against fraudulent activities.
Customers across the world have largely welcomed this for its convenience and speed. In Asia Pacific alone the number of contactless transactions rose by 35% last year.
Mastercard’s decision to standardise contactless payments means that merchants in the Asia Pacific, Europe, Latin America, the Middle East, and Africa will require an upgrade on their current payment systems.
The company’s plan is to make sure that after October this year, payment terminals in the Asia Pacific, Latin America, the Middle East, and Europe will have contactless technology and be EMV-enabled. By the end of April 2019, the company plans to ensure all the cards issued in these regions will have EMV chips and contactless-payment technology.
Mastercard also plans to make sure that by April 2023, all merchant terminals in the regions mentioned above will be contactless technology- and EMV-enabled.
Commenting on the company’s latest announcement, Ajay Bhalla, the Chief Security Officer at Mastercard said that the latest decision prepares the path for further innovation in this field in the future.