Trending 30th May, 2020 1729
Digital and Contactless Payments; a New Definition for Spending
We are living in a huge Pandemic today. No one knows when will it end? COVID-19 is the best time to introduce new methods of payment which is contactless or we can say digital payments. It doesn’t mean that we are not using digital payments before the pandemic but almost 50% or above are not using it frequently. Many of us are not even aware of this and use cash for almost every payment.
This is the time when everyone wants to be safe and want cashless payments so that they do not come in contact with each other. Now, we have to move forward towards digital and contactless payments.
So, firstly we have to be clear minded that what digital and contactless payment is?
Digital payments are non-instrumental payments (instruments here mean cash, paper, card etc). Digital payments are conducted on the Internet, Mobile Application and on the computer screen. The payer and payee both need screens to send and receive money.
Contactless payments include Digital payments but also include debit cards, credit cards or master cards. So, we can say contactless payments are the best way to use today.
Everything has pros and cons. So, we have to accept it if it is good for us and our economy. And in the time of crisis, we need it for our safety and our world’s safety.
“We are also expecting a universal mandate from many of the large retailers to go 100% digital in the coming months, this will also help us increase the scope of the business,” said Agrawal of Innoviti.
“These will be a few tough months but after that, once the situation improves; there will be a new normal. Contactless payments will see major adoption. Bill payments will largely go digital and investors will place their bets on players who can capture the opportunity then,” said Vivek Belgavi, partner for fintech and payments at PwC India.
Data Breach stands for the access of important data information by an unauthorised person. All the information in the process of data breach are accessed without the permission of owner.
Usually data breach happens due to loopholes in:
2. User behavior
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