I honestly think that this is the way that the world is going. In the UK, we have contactless payments (I don’t know if this is available in other countries). It allows us to pay for shopping that is under £30 by placing our card ‘around’ the card reader.
Contactless payments in my eyes seem ridiculously insecure for the time that we are in. Crypto currency has to be the way to go, and I’m surprised it hasn’t taken off sooner!
I mean damn, I forgot the recovery password to my Bitcoin wallet, and I was forced to wave that money goodbye, With no hope of rescuing the wallet. Now that is what I call security!!
Actually contactless payments are more secure than you think. In some cases they're more secure than Chip&Pin and especially magstripe.
Contactless payments make a one-time transaction with the merchant. They cannot bill you in the future if you use contactless.
The only information you can get from a contactless card without being an actual authorized merchant is the card number and expiry date. Nothing else. Those details are pretty much useless without your name and the CVV code.
Compare this to Magstripe, which gives away all of your details permanently to the merchant, or chip&pin which can also be used to authorize future payments, not just one-time.
While I'm an advocate for cryptocurrency payments, the FUD around contactless is irritating. Contactless payments are actually closer to cryptocurrency payments than any other method, simply because they're one-time authorizations.
There have been no known cases of contactless fraud in the UK, it's practically a myth. If you're seriously concerned, all you need to do is get an RFID-proof wallet, I believe you can even just line your wallet with tinfoil and it becomes practically impossible to grab any details.
Disclaimer: I do not work for any banks, VISA, or Mastercard. I pay for almost everything online with cryptocurrency where possible, however in-person almost everything is paid for with my contactless cards. In the years of me having several contactless cards, with a normal leather wallet (not RFID-proof), I have never experienced any form of fraud on those cards. Even when going through busy areas such as Manchester Picadilly and London Victoria/Euston.
Thank you for your reply. I understand your point of view, and yes, in that respect Contactless is a lot safer.
I use contactless where ever I can, purely because I cannot trust ATM's or other peoples eyes whilst I am at the checkout.
contactless payment have been around for awhile and it's certainly not something new. If we could use a different sort of payment, ie. bitcoin or eth for cross-border purchases, that will fundamentally change the game of economics. Imagine checking your phone on the internet, realizing that a TV cost 200 bucks cheaper (assuming same quality and brand) in asia due to differences in currency fluctuation.
Business owners who are not taking advantage of technology will soon find themselves going out of business.
That's exactly it ! I have a friend over in the UK too and he's been using that card . Also that same friend introduced me to steem and said to me : " boy , this is going to be a new industrial revolution ".