Remove Authentication Remove Consumer Remove Verification
article thumbnail

The digital wallet revolution: navigating Europe’s payment future

The Payments Association

In addition to payments, many consumers are beginning to expect features such as digital identification, authentication, and integration with public or private services. On the merchant side, we need to offer the best payment options for consumers, while supporting wallets as they go to market.”

article thumbnail

One Tap to Pay, Three Steps to Bank: Why Your Smartphone Gets You, But Your Bank Still Doesn’t

Fintech Finance

Smartphones have become one of the most trusted tools for identity verification today, used instinctively and seamlessly to confirm purchases, access medical records, even unlock homes with just a fingerprint or a glance. “Banking systems were never designed for real-time, device-based authentication,” Galdikas explains.

article thumbnail

Toward financial inclusion: Shaping a national strategy for the UK

The Payments Association

The Governments decision to develop the Strategy reflects the growing number of financially vulnerable consumers in the UK. Acceptance of cash One way the Treasury is currently addressing financial exclusion is by promoting access to cash for consumers and encouraging businesses to accept cash. million in 2022.

article thumbnail

The rise of generative AI in payment security: A double-edged sword for data privacy

The Payments Association

It underscores the need for payment firms to balance AI innovation with robust privacy and regulatory compliance to protect sensitive consumer data. Payment data is inherently vulnerable because its compromise can have significant financial and personal consequences for consumers. Why is it important? What’s next?

Privacy 88
article thumbnail

What to Know About Tokenization

Basis Theory

Instead of using the original sensitive data, developers and their applications use previously-generated tokens to execute traditional operations that sensitive data would provide, like performing analyses, generating documents, or customer verification. Tokens, on the other hand, do not depend on the sensitive data to be created.

article thumbnail

Fraudsters Turn to WhatsApp: Revolut Reveals UK Consumers Lose £2,437 From WhatsApp Scams

The Fintech Times

WhatsApp prides itself on the security of its encrypted messages, however, according to new research from Revolut, the global fintech with 11 million UK customers and 50 million globally, UK consumers are losing an average of 2,437 from scams originating on the communications platform.

Scams 59
article thumbnail

What is a BIN in Payment Processing

Clearly Payments

Although BINs play a critical role in how payments are processed and authenticated, they often go unnoticed by the average consumer or merchant. Card Verification and Authentication : BINs support the verification process by providing immediate access to the issuing institution’s information.

Process 104