DIGITAL PAYMENTS
Current innovations used by mobile devices and digital wallets are :
• Magnetic secure transmission ( MST ): Using the same technology generated by a magnetic card strip , mobile devices generate the encrypted field that is the point of sale , which can be read by digital payment machines .
• QR codes : Quick response codes are matrix barcodes that utilise the wallet ' s scanning system to initiate payment .
• Near field communication ( NFC ): A technology that enables two smart devices to engage and share information via electromagnetic signals . Each device needs to be within approximately 4cm of the other to carry out a transaction .
“CONTACTLESS PAYMENTS INCREASED BY 12 % IN 2020 , SPURRED ON BY CONSUMERS LOOKING TO MITIGATE THEIR USE OF CASH TO PREVENT THE SPREAD OF COVID-19 ”
BRAD HYETT CEO , PHOS fintechmagazine . com 65