Posted by Akhil Mootolikandy, Senior Consultant, Oracle Practice, Infosys
The cards and payments industry is buzzing with new innovation of contactless payments. Applications such as Apple Pay and Android Pay are already gaining popularity in the market. In contactless payments, devices communicate directly with point-of-sale (POS) terminals using near field communication (NFC). While the technology of NFC has been around for a decade, contactless payment is fuelling its aggressive adoption in the payments industry. Despite this, payment authentication still remains a cumbersome process owing to the need to generate one-time passwords or provide additional verification details. Let us take a look at how contactless payments can leverage innovation to make authentication easier for customers.