Technology speeds up small purchases







(NC) – Years ago, we used to barter for goods and services. Today, paying for items is easier than ever as we can shop over the Internet using plastic or even pay using our smartphones.

One of the most popular new technologies are 'contactless' transactions, which allow consumers to pay for smaller value items effortlessly at checkout by simply holding their payment card over a specialized terminal. There's no need to enter a PIN or insert a card.

Interac Flash, for example, lets consumers pay for purchases up to $100 by simply 'flashing' their card for a faster, online, real-time payment option for small everyday purchases. “It's based on the same chip technology as traditional debit transactions, meaning your money is safe,” says Caroline Hubberstey, Head of External Affairs, Interac Association/Acxsys Corporation.

This technological advancement is beneficial to users, as it will speed up the transaction process at grocery stores, pharmacies, fast food restaurants and other heavily trafficked destinations. Speeding up the payment process benefits both retailers and consumers.

Hubberstey says transactions are conducted securely using a number of cryptographic techniques that protect against skimming, counterfeiting, transaction replay types of fraud, and tactics such as electronic pick pocketing.  The information being used to secure the Flash transactions can't be unwrapped or duplicated, making it useless to a criminal. There are transaction limits and the terminals will randomly prompt cardholders to insert their cards and enter a PIN to ensure any card in the wrong hands cannot be used.

More information is available at www.interacflash.ca.


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