It’s true that Covid-19 gave a major boost to contactless payments at tills. But also true that NFC based phone/wearables payments are more secure than an “always-on” chip-and-pin card. This is because all phones/wearables usually require a long-press of a button to activate the payment mode.
And if phones/wearables are misplaced, they are typically locked and prevent any unauthorised use (I know that Samsung won’t let you set up a contactless payment card if the phone is not protected by a PIN or biometrics).
So let’s hope that NFC starts to trickle down to all the budget smartphones as well.
See https://techcentral.co.za/astonishing-rise-in-contactless-payments-in-south-africa/219681/
#technology #SouthAfrica #POS #financial