How EMV, Mobile Wallets and virtual cards are changing the card payment environment
EMV, Mobile Wallets, and Virtual cards are the next generation payment solutions that are changing the way payment industry works.
Payment environment of your business needs to grow and provide a good experience to customers and the business itself. As the technology is advancing, payment options such as virtual cards, EMV, and mobile wallets are on the rise. They help change the way businesses process credit cards, and help meet customer expectations. You just have to turn on the news and you will find there are frauds and security breaches almost every day. In these times, EMV, Virtual Cards, ad mobile wallets are the real life savers. They offer a safe solution for customers, merchants, and banks.
Benefits of EMV, Mobile wallets, and virtual cards
• EMV technology: It has increase the level of security by making it difficult for hackers to copy information from the credit cards. This technology has reduced frauds that result from lost and stolen cards. EMV won’t decrease frauds or eliminate them completely, it is just difficult to copy information from it, and that is why hackers are shifting their attention toward easier ways to steal information. Huge wave of online frauds have been shifted towards countries who haven’t fully integrated EMV.
• Mobile Wallets: Businesses and customers have benefited a lot from this technology. It is harder to duplicate or steal information from mobile wallet. This method has decreased payment time for merchants. There is a low fee associated with it, and it is expected that fees are going to decrease relative to physical cards. It helps build network of loyal customers, and it can be operated via smart phone as well.
• Virtual Cards: these cards are helping many companies, especially those who have high volume of sales. High risking businesses such as travel booking have gain great benefits. Virtual cards are more secure than physical cards, each transaction is given 16 digit code, which can only be used once for specific purposes. As the transaction go through automated and paperless process, virtual cards require minimal manual touch point. A virtual card contains same information as plastic card, there is a 16 digit code, expiration date, and CVV number. It doesn’t rely on physical card, which can be stolen or copied. It has precise transaction control, including amount of dollars, timeframe, and merchant categories. It goes through same trusted network that most credit cards. Additionally, banking information is not needed to exchange between supplier and buyer, which can reduce risk of data breach.
Leveraging latest technologies have changed payment environment. Customers and merchants can enhance their experience by using most secure payment methods that suites their needs. Now it is safe for small businesses to use EMV, Virtual cards, and Mobile wallets to tackle online frauds and data breaches.