There is no doubt that the convenience and safety of contactless digital payments far outweighs any possible negatives. 2021 will see the accelerated demise of cash and once it starts to happen it will happen very quickly. Banks need to capitalise on the opportunity of bringing many millions of financially excluded people into the payments loop or else other players will leap at this opportunity. It will be very difficult to regain the lost ground – witness the rise of the Telco into financial services in East Africa as an example.
Back to the opening scenario. Clearly the bank cannot be liable for your stolen cash. However, what of the situation where the bank has the opportunity and option to provide the security of PIN for their customers to authorise digital payments.
As a bank, one cannot be irresponsible in offering contactless payments without PIN. The risks for the bank and the customer are simply too high.
Speak to us at WIZZIT Digital about our SoftPos with PIN solution – a global first that can be implemented within weeks and get your 2021 off to a cracking innovative start.