Contactless Phone Payment May Be Safer Than Credit Card, Cyber Security Experts Said

By Pao U.

Dec 27, 2015 06:10 AM EST

In a world where everything is on the internet, cyber security is something that is very important. Some experts in Adelaide said that there is a new technology that may enable contactless payments through mobile devices. According to ABC, this technology is being insisted to be proven safer than using the normal bank card. Google has also announced that Android Pay will be rolled out in the first half of 2016.

Android pay requires users to have an Android phone and this could be used as mobile contactless payments for millions of people across Australia. Google is partnering with EFTPOS, Visa and Mastercard. They also include major banks as partners like ANZ, Westpac and St George, more banks will be working with them all throughout the year. For debit cards, they use Near Field Communication (NFC) technology which allows them to do contactless payments. The same technology is in the new mobile phones and soon millions of Australians will be able to use their phones as debit cards. The technology is the same with Apple Pay, however it is limited only to American Express holders in Australia.

Dr Malcolm Pattinson, a cyber security expert in University of Adelaide said that the new technology could be safer than the current bank card system. Dr Pattinson said, "We cannot stop new technology. No point trying. It's going to continue to occur. Why? Because of convenience. And security of course is a balance between what you stand to lose and convenience. Your credit cards in your wallet are a huge security risk, in terms of being lost or stolen, and a much greater risk of being hacked. You are more at risk by not using the technology than if you use it."

The customers want the contactless payment methods, said The Commonwealth Bank. They already have a number of NFC solutions for the customers. They also conducted a survey about it and found that an increasing number of customers are now in favor with the contactless payment method. Pete Steel, executive general manager of digital of the bank said that he can see that there is a big demand for the technology. He said that up to about 70 percent of the customers are using this contactless method, whether it is a card or mobile app.