Why Contactless Payments Don’t Sacrifice Security For Convenience
We've entered an era where convenience is not only desired but expected. Named the world's most cashless economy right now, Canada is expected to become the first cashless country in the world. That is why contactless payment options are on the rise, with more and more organizations and customers opting for this evolving payment type over traditional means. There is no doubt that contactless payment methods have created a faster, more secure and effortless experience, thus encouraging a seamless customer journey.
Gone are the days where you had to scavenge the bottom of your pocket or handbag for loose change to pay for parking. Although traditional payment methods such as coin and cash are still being accepted, it won't be long before we transition to cashless payment methods for good. Not only do contactless payment options offer visitors ultimate convenience, but they also offer merchants increased financial processing security. Here’s how.
Payment Security
Contactless payments were developed with one mission- to never sacrifice security for convenience. To ensure this, EMV, otherwise known as Europay Mastercard Visa, was created as the global standard to provide interoperable, secure payments when using smart cards.
As more and more parkers opt for contactless payment methods, it comes as no surprise that parking facilities have begun to integrate EMV into their parking infrastructure. This provides the highest level of security for the visitor and offers peace of mind for parking management. So what does EMV secured processing entail? To put it simply, it protects cardholder data by reducing the risk of fraud when using a smart card, either when inserted via chip, by tap or through a mobile phone. Each transaction includes dynamic digital data that acts as a safeguard between the credit card and potential risks.
EMV and Payment Card Industry (PCI) compliance work hand in hand to secure credit card payment when paying for parking. Compliance with the Payment Card Industry Data Security Standards (PCI DSS) is mandated by credit card companies to safeguard cardholder information against theft and misuse. PCI compliance refers to the technical and operational standards merchants must meet to adequately mitigate data breaches and deter fraudulent use of cardholder information. Compliance levels range from Level 1, being the highest, to Level 4. Each level ensures specific responsibilities are meet to protect payment data. No matter what level your organization falls under, offering secure payment methods provides customers with peace of mind.
Upgrading your parking hardware to accept EMV-certified payments, including credit, debit and mobile wallets, will create a reliable and secure customer journey.
Payment Convenience & Safety
In a world slowly overcoming a public health crisis, contactless payments are not only convenient but offer a safe alternative to traditional payment methods. Contactless payment methods such as mobile, tap-and-go and barcode scanners help limit physical touchpoints, thus ensuring a seamless customer experience.
Mobile Payments
Mobile payment platforms, such as Parkedin™, offer customers the ability to pay or reserve parking directly from their mobile device. App-based and app-less software often provide customers with a QR code or barcode that permits access to the parking facility and scan-to-pay options without the need to pay for parking at the meter or entry. Mobile payment platforms are becoming the new norm amongst those in the parking and mobility industry, with advancements in hardware and software that welcome payment types.
Tap-and-Go
The most common form of contactless payment, tap-and-go, allows customers to pay for parking by simply tapping their smart card or device. Near Field Communication (NFC) technology has become the new norm across many payment card companies, with Visa, Mastercard, Interact and more offering tap-and-go options on virtually all of their product offerings.
Barcode Scanners
Integrating barcode scanners into your parking infrastructure is an easy way to begin accepting contactless payment options in the form of a QR code or barcode. QR and barcode access has formed a new standard in the parking and mobility industry and can be integrated with gated and non-gated parking technology. Not only do they provide more straightforward, safer and faster experiences, they also foster accessibility.
At Precise ParkLink, we take pride in offering financial services that are managed with the highest level of PCI compliance, and abide by EMV- certified payment standards. Introducing contactless payment options into your parking infrastructure will ensure your organization and its customer's transition to our new normal with the highest level of convenience and security.
References
Belmonte, L. (2021, May 26). Canada Could Be The First Country In The World To Go Completely Cashless [web log]. https://www.narcity.com/cashless-countries-canada-will-be-likely-be-the-first-of-its-kind-study-says.
Ritacca, J. (2021, April 6). A Guide to PCI Compliance Levels [web log]. https://www.parkingindustry.ca/parking-revenue/a-guide-to-pci-compliance-levels.
Ritacca, J. (2021, March 24). PCI Compliance: What it means and how it’s evaluated [web log]. https://www.parkingindustry.ca/parking-revenue/pci-compliance-what-it-means-and-how-its-evaluated.