Contactless transactions are increasingly used as the payment landscape continues to evolve. Cardholders are enjoying faster payments and the ability to pay how they want, either using a card, or NFC if their smartphone has the required app. The ability to Tap & Go is convenient for both cardholders and retailers. As no PIN is required for a contactless transaction (up to the floor limit allowed in the market), there are risks if a contactless card or NFC enabled device is lost or stolen.
From September to December 2018 EAST ran a poll which asked the question ‘What is most important to you when making a contactless transaction?’ The results can be seen in the chart below.
- The majority of the respondents felt that ‘security and speed’ was most important – 41% feeling that a PIN is required for larger transactions over an agreed limit and 28% feeling that a PIN is required only after a user-defined amount limit.
- 17% felt that speed alone was most important, and that a PIN was not required
- 8% felt that security was most important and that a PIN should be used for all contactless transactions.
- 6% chose speed and security, feeling that no PIN should be required when shopping at specified merchants