Your subsequent bank card is not going to be acknowledged! Mastercard drops iconic function in redesign
Now we seldom have to go back to our maps. Covid accelerated the transition to contactless “tap” payments and they now account for 45% of all in-person transactions worldwide. Apple and Google Pay on smartphones, which allow the handset to act as a tap-to-pay card, mean cards don’t even have to go into the equation for many payments.
Security is also taken into account. PINs are considered to be far more secure than signatures, which can easily be forged. Now banks are using artificial intelligence and other automated systems to track payments to stop fraud.
Ajay Bhalla, President of Mastercard’s Cyber & Intelligence Business Unit, said, “It is time to take full advantage of these world-class features that ensure consumers can pay easily, quickly and with peace of mind. The best for consumers is the best for everyone in the ecosystem. “
The move was supported by others in the industry, including payment merchant groups.