Online purchases come with different kinds of payment options and different levels of compatibility, security, flexibility, and functionality. The credit card is the most common one, and if they are bank-backed, currently they have 3-D Secure for that extra protection. Examples are “Verified by Visa” and “MasterCard SecureCode” that ensure your information is not spied on. If you are one of those people who are information sensitive, relax. Various payments methods ensure that your information is not shared on certain websites. Though credit cards are some of the safest payment methods, they share your information with the bank.
One choice is e-wallets such as PayPal that act as the middleman between payee and payer making your information more secure and anonymous, but they still can track your payments. Cryptocurrencies which are virtually traceable are the best option but get hindered by few retailers accepting them. One can try prepaid paycards to make payments where they are allowed.
Mobile payments such as Zimpler are as safe as your mobile. Contactless payment is another emerging form of payment such as PSI-Pay and Kerv in the UK. The reliable method in mobile online payments is pre-paid card as they are not traceable to you. E-wallets and credit cards are safe as long as they are used responsibly.
According to PSI-Pay, which is a company that offers contactless payment by using debit, credit, and smart cards for payment, cashless payments will soon dwarf cash payments. Announcing its Kerv rings, the company says the new rings coming in different sizes for both genders are meant to enhance durability and comfort. Using near field communication (NFC) or RFID technology, users have to tap the card or ring at any payment terminal. This mode does not require a signature or PIN.
There is a limitation to the number of transactions that can be made to enhance security. Kerv rings are capped at 30 pounds but can be linked to a card for large purchases. Besides PSI-pay, there are Apple Pay, ECOPAYZ, Android Pay and Google Wallet as other forms of contactless payments.
As a principal member of MasterCard, regulated and certified by Britain’s Financial Conduct Authority, PSI-Pay is taking contactless payment a notch higher. With over 180 million contactless cards issued in the UK, there is still more chance of growth even globally.
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