Advantages and disadvantages of contactless payments

Today contactless form of payment is no longer considered something outlandish, and is gaining more and more momentum in our country every year. Contactless technology makes life much simpler and easier. Its availability is now standard for any banking system. Of course, for many, the virtual card still raises doubts and fears. But in practice, taking all the necessary precautions can keep you safe from possible fraudulent activity. And this applies not only to ordinary contactless plastic bank cards, but also to the smartphone (or watch, bracelet) to which your checking account is linked.

A few words about contactless payment technology

Speaking of the virtual debit card, it is worth noting that today it not only allows you to pay in online shops, restaurants, supermarket checkouts, but is also used as an access control to various facilities. Of course, this form of payment is still quite young. But it is actively gaining popularity due to its simplicity, ease of use, and most importantly, the security of money transactions.

The benefits of contactless payments

In addition to the convenience and comfort that contactless cards and virtual accounts offer, they also boast other positive attributes. It is thanks to them that this form of payment is becoming increasingly popular in all countries on this planet. It is worth examining the benefits of the technology in more detail:

1. Increased security. Even if you pay in cash at any shop, you give fraudsters a better chance to cheat you than if you pay with a contactless card. Nowadays, many responsible people avoid carrying large sums of money in cash. After all, in addition to the fact that money can be taken out unnoticed, it can simply be lost. For this reason, it is better to pay for most (if not all) of your purchases with a card.

Even compared to conventional magnetic or chip cards, new technology avoids direct contact with your money. After all, you certainly don’t have to hand the card to a cashier or waiter. This way, fewer people will be able to see your card details.

1. Saving you time. With a prepaid card, you can forget about a large number of additional operations, such as entering a PIN or authorisation. This is especially true for small purchases, such as a cup of coffee at a cafe. Even studies have shown that the new technology allows payments to be made up to 3 seconds faster than with a conventional card (with chip or magnetic strip). And that’s not to mention cash payments.
2. Innovative technology. It is well known that anything new and well-made has a high degree of interest among advanced users. And, as practice shows, the contactless form of payment is mostly used by well-to-do people.
3. A cash-back allows you to not only make purchases but also receive rewards for doing so. Many of these cards are linked to banks’ rewards systems, which allow you to receive discounts from airlines, partner shops and more.

Various banks offer many unique offers to their customers. This means that you can always find the best deal and get a virtual card with special benefits that are ideal for you.

Disadvantages of contactless payment

It is important to remember to keep your own money safe. Unfortunately, it is rare for a card to ask for a PIN when you make a small purchase. This can be easily exploited by fraudsters. Try to take every precaution and protect your funds as much as possible. In reality it is not that difficult. You can withdraw your money at any of our terminals, but you will most likely get a better deal when you make a withdrawal. There are more and more of them every year, though.

The benefits of the WestStein card

If you’ve decided to open an online current account, WestStein offers a really good deal for everyone. The use of new technology will allow you to shop quickly and conveniently without worrying about the security of your finances. Used in most countries around the world, the WestStein virtual card is a great travel solution. You can also use it to receive your salary or make purchases without being limited to Ukraine.

With a plastic or virtual card, you can get rid of the inconvenience of cash payments. All you need to do is spend a few minutes of your time and apply for a prepaid card.