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COVID-19 has launched a revolution at the retail point of sale, with a massive shift from physical retail to online payments, which increased by a third in 2020.The switch from chip and PIN to contactless transactions has been even more dramatic.
Issuing banks, acquirers and merchants now face a new challenge: to deliver secure contactless transactions as the contactless limits imposed by regulators continue to rise.
With consumer concerns about safety growing as they spend more via contactless cards, the first banks to deliver effective security for contactless transactions will score significant market advantage.
