Contactless cards use NFC or near-field communication technology which allows devices to transfer information back-and-forth (i.e key fob for work or gym), Contactless cards are embedded with smart chips, similar to EMV chip, but they simply can be “waved” in front of the device. These types of transactions reduce POS time by 30-40% and perform at speeds of over 60% faster than cash payments and 53% faster than the magnetic stripe cards. They increase the security measures not available for traditional stripe cards by using encrypted keys for each card which do not require the use of a cardholder name during transactions, provides an alternate number to the actual account number specific to each transaction that will not be repeated.
