Useful links:
eMoney News | eMoney Press Releases | sQuid schemes - eMoney

eMoney News

Security aspects of NFC payments assessed
2 Aug 2011

An expert has examined the security side of two different forms of contactless payment technology.

Director of security fraud risk management at The Logic Group Robin Adams described on finextra.com how people can currently use Near Field Communication (NFC) to pay using a card or their smartphone in certain cases.

He noted how the contactless payment card requires the user to enter a pin code after a certain number of transactions have been made.

In comparison, the Quick Tap system offered by Orange on its smartphones sees consumers preload a certain amount of cash on the device and top it up using an app when the money runs out, Mr Adams explained.

In terms of the similarities between the two NFC options, he said: "Both are permitted to pay for transactions of total value of less than £15 and both require the user to hold the device (card or phone) within close proximity of the reader."

A recent study by ABI Research claimed international shipments of contactless payment cards could reach one billion by 2016.