UK Payments, a service company providing people, facilities and expertise to the UK Payments Industry, has declared contactless payment a “secure option” for cashless transaction, according to squidcard.com.
A rep from UK Payments recently explained that contactless payment cards are set up so that if any fraudulent activity takes place, authorities will know about it and be able to take the necessary preventative measures.
UK Payments’ claim is backed by statistics. According to Financial Fraud Action UK, card fraud in the UK has gone down to its lowest level in two decades, dipping 23 percent from last year, thanks in part to the popularity of contactless payment and chip & PIN cards.
Read more here.