A question we've received recently was whether Apple Pay, Samsung Pay, etc. (NFC) were secure, and where the liability fell. To explain this let's first explore how these payments work. Apple Pay and Samsung Pay are considered mobile wallets. On a capable mobile device, you setup your account information and enter your cards in the secure application, and once setup you just tap your mobile device on a compatible terminal at checkout and the payment is made. Some additional security features include include pin or fingerprint verification (based on device capability) in order to authorize a transaction. The advantage of using these services is that the card and customer data is encrypted by the application and every transaction is tokenized and unique making the transaction data useless to a potential hacker.
Samsung/Apple Pay and Liability Shift: Mobile payment technology like Samsung/Apple Pay is considered more secure, so it is not affected by the EMV liability shift. If you are not currently accepting NFC payments, call us at 1-800-644-3909 to find out how to start.
Best Regards,
The Agapay Team
