PSI-Pay is an organization offering payment solutions to individuals and organizations worldwide. The organization is the principal issuer of Mastercard member. PSI-Pay is regulated and overlooked by FCA.
PSI-Pay is offering contactless payments. Yes, its safe method but it doesn’t mean that it has less security in its chip technology. In a research done in the UK, it shows that in four payments, one is using the contactless technology. There are many “taps” that are rising in the consumers’ circles leading to concerns regarding the security. There are reasons why its safe method and doesn’t have security risks to its users who have been looking for efficient payment methods.
Encryption Technology It Has Makes Fintech Secure: all the payments done are international. There are no accidental payments in the technology of tap-and-go when you come cross to POS terminal. The technology behind contactless payments is under EMV standard protection.
EMV means Europay, Mastercard and Visa. It says that the consumer payment cards have chip technology or NFC technology. The standard bases off on the dual power of PIN and encrypted keys and they are unique and different to each user. In contactless technology, the PIN is not present, but the dependent is the encrypted keys.
NFC Data: It stands for Near-Field-Communication data. Surprising distance is the critical defense line in contactless payments. The reason is that the sale terminal is not able to read a card that is far in the distance more than an inch. The consumers should not worry to accidentally make any payment because the reach of NFC should be an inch or less.
Small Value Transactions: small value transaction is another security measure that is important to consumers using contactless payments. There is limitation expenditure depending on the country. In the US, the sale terminal has a code that limits $25 and in the UK is 30 pounds. If the sales exceed the above amount, they are rejected, and it is where a consumer has to provide a signature for identification or a PIN code.
So that to ensure that PSI-Pay is safe, limited is the other important security. The technologies are under industry groups that also support an expansion of chip payment methods and contactless.