Contactless Payments doesn’t mean you can entirely forget about your PIN.

Most Card issuers only allow five consecutive contactless transactions to be made before a PIN is requested in order to prevent fraud, also known as cardholder verification limit.

So, the question needs to be asked, what happens to a customer when a PIN is required but the merchant doesn’t have a solution that captures PIN? Could merchants now lose their customer at the point of sale?

SoftPOS (Software Point of Sale) technology is a game changer for many businesses, especially for Micro SME’s which make up 96% of UK businesses and 21% of turnover. What is eye-opening, ~42% of these businesses do not have the ability to take card payments due to high costs of hardware and maintenance of the POS devices. Allowing these merchants into the payment eco-system by giving them the ability to take payments on their smartphone will change the business and payment landscape forever.

In answering the above, the critical piece for merchants and customers is having PIN capabilities. Most SoftPOS technologies which are in the market today and follow the CPoC standard do not have this capability.

We continue to see positive and exciting results through strategic collaboration. It will be through these innovative, forward thinking and long-term relationships with PSP’s/banks/payment gateways/issues/acquirers that will be critical to ensure we reach the people/businesses that need us most.

WIZZIT Digital is a firm believer in the use of PIN as added security to any card transaction. Our development journey therefore also started with the creation of the secure pin pad followed by the card reading capability. Depending on the geographical specific requirements we believe that a default PIN for every transaction should be available, leaving the choice of invoking the Pin to the acquiring/issuing institutions. Having the added security of a pin makes it possible to use contactless with PIN for all transactions – irrespective of the value.

If this is something you want to hear more about please get in touch.

Contact us: https://wizzitdigital.com/contact/