Now, we rarely have to resort to swiping our cards. Covid accelerated the move towards contactless “tap” payments and they now make up 45% of all in-person transactions around the world. Apple and Google Pay on smartphones, which allows the handset to function as a tap-to-pay card, mean cards don’t even need to enter the equation for many payments.
Security is also a consideration. PINs are considered far more secure than signatures, which can be easily forged. Meanwhile, banks now use artificial intelligence and other automated systems to track payments to stop fraud.
Ajay Bhalla, president of Mastercard’s Cyber & Intelligence business, said: “It’s time to fully embrace these best-in-class capabilities, which ensure consumers can pay simply, swiftly and with peace of mind. What’s best for consumers is what’s best for everyone in the ecosystem.”
The move has been supported by others in the industry, including payment merchant groups.