The contactless payment terminals market is projected to reach $28.7 Billion by 2023. With evolving payment challenges, businesses need to guard against fraudulent transactions.
In a podcast interview with Information Security Media Group (ISMG), Sriram Natarajan shares his views on contactless payments and why it is imperative for businesses to balance security with customer convenience.
The pace of payment processing is making contactless payments profitable for organizations. The major drivers for this market expansion incorporate reduced transaction time, enhanced convenience in making low-value payments, increased average transaction value, better revenue opportunity and better service offerings. While ease of payment is driving the growth of contactless payment market, concerns over security is growing more than ever. Payments are susceptible to fraud due to which organizations are more conscious about upgrading their security measures.
Covering an array of topics in this podcast, Sriram dives into how organizations must protect themselves from fraud by leveraging technologies and embracing advanced level of security measures.
Areas Addressed In The Podcast Encompass:
- How technology like AI and machine learning bridge security gaps
- QR codes proliferation as an emerging protocol
- Risks arising from low-volume transactions