Technological Advancements In Payment Processing Systems
Over the past few decades, payment experiences have undergone tremendous transformation. Traditionally, cash was the most common form of payment. Checks soon became a realistic alternative for big-ticket purchases, enabling consumers to carry less cash. Then debit and credit cards appeared, giving people more purchasing power. EMV Chip Cards EMV was introduced to the U.S. in 2015 after it was found to be successful in reducing the use of fraudulent cards in other industrialized nations, like France, Australia, Canada, and others. The chip in EMV cards generates distinct transaction codes each time the card is used, in contrast to magstripe cards. In order to authenticate the transaction, these chip cards also establish two-way communication with the payment acceptance device. Contactless Transactions The payment processing system got faster, more secure, more convenient with contactless payments. Although contactless cards are still relatively new in the United States, mobile wal...