There is another, more serious, line of defense — encryption. Contactless transactions are protected by the same EMV standard which protects ordinary plastic cards equipped by an EMV chip. Whereas a magnetic strip can be easily cloned, a chip would not allow this to happen.
This key could be intercepted, yet would not be valid for the next transaction. Researches have numerously voiced their concerns about the EMV security; however, real-life cases of hacking an EMV card are still unheard of. There is one thing, though. In a standard deployment, the EMV card security concept is based on the combination of encryption keys and a PIN code inputted by a user. In case of contactless transactions, PIN code is not requested, so the means of protection in this case are limited to encryption keys generated by a card and by a terminal.
Yet, this custom terminal should employ encryption keys obtained from an acquiring bank and a payment system. There is yet another line of defense: limitation of value of transaction for contactless payments. This limit is coded into the settings of a POS terminal, as seen adequate by an acquiring bank based on recommendations obtained from payment systems.
Should the value exceed this limit, the transaction would be rejected or require an additional proof of validity, e. To prevent attempts to charge smaller sums consequently, an additional security mechanism would be invoked. However, there is a rub. Almost a year ago, another team of researchers from the University of Newcastle UK reported vulnerability in the security system of Visa contactless cards.
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Enjoyed this Post? Click here to subscribe to real-time alerts. Subscribe to our email alerts. Therefore, within the contactless payment limit, the transaction itself takes three to five seconds.
We suppose this kind of speed and convenience of payments for payment card holders will contribute to the forming of a habit toward using a card as intended, i. If the amount of the receipt exceeds 4, KZT limit, the card holder will have to enter the PIN or sign the receipt, of course. However, it is an integral security component. For example, there appears potential of using a contactless payment card as a payment means to pay for public transport trips.
Based on the analysis of the current development of contactless payment systems in Kazakhstan and comparative analysis between this market and European and CIS markets, we can obviously discuss the good perspectives of the product growth in our country. Even today we can make an ambitious forecast both for contactless payments and use of payment cards for non-cash transactions in general. And it is about 2 — 2. Therefore, even if the user accidentally attached the card a second time, double payment is excluded.
Pay by card with contactless payment technology - much faster than cash or regular card - only seconds. Look for a contactless symbol or logo for contactless payment at the checkout or terminal. If you find yourself in a place where contactless payments are not accepted, you can always pay with a chip.
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