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Security – The Backbone of a Cashless Economy

For nearly half a century, the World Economy has been rapidly moving from cash-oriented to cashless. Ease of use, secure transactions, accountability, low chances of corruption, and informal economy and reduced use of paper are some factors that have been constantly promoting a cashless economy. The now omnipresent internet ensured that the use of cards and digital payments reaches not just the urban population but the rural as well.
Security, forms the backbone of this cashless economy. If it weren’t safe enough it wouldn’t gain popularity. Along with the payments industry, security technology has also advanced to deal with all kinds of threats that may hamper it. From cards made of cardboard and celluloid to the modern chip implanted ones and the digital wallets, the digital payment industry sure has come a long way with technology by its side.
After the first plastic cards were introduced, the first line of security included a tamper-resistant signature panel, embossed digits on the card, and other micro features. With electronic development came more robust cards which could be authorized in real-time. The rising need for authentication and authorization paved the way for the introduction of Card Verification Value (CVV) numbers and PINs.
With e-commerce creating up a storm in how people purchased goods, CVV2, Address Verification Services, etc. came to the fore. With a new century stepping in, securing the data by implementing encryptions, digital signatures, firewalls became the norm. Linking of mobile phones, Transaction alerts, multiple PINs to authenticate transactions also came up.
As people join-in the digital revolution, the cards and digital payments of the future need to be loaded with more features and needless to say security. So the cards of the future will be utilizing geolocation to ascertain the location of the registered mobile device and the card being used at a given time and microchips that can be locked-in or waved to transact. Eyes will also be on the biometric technology and how it can help make card transactions safer.
This edition brings to you, 2020’s Most Trusted Payment and Card Solution Providers, that are fuelling the digital economy and making sure that millions of transactions being carried out across the globe are safe and secure