It's a little less obvious that there's no point in showing
Posted: Sun Feb 02, 2025 3:57 am
But China’s experience is not for everyone. In many countries, the payment card based on the VISA and Mastercard infrastructure has taken root so much that the victory of QR wallets is still not obvious, even despite numerous pilot projects and the penetration of Asian giants. In the same Switzerland, for example, there are no problems with opening a bank account for a huge population from the rural hinterland in the sense of India and China. But still, paying by phone is convenient and the answer from VISA and Mastercard is tokenization — MDES and VTS services, which allow you to issue an existing card in the form of a “token” inside your smartphone. It is fast, cheap and convenient for the buyer. A real card becomes unnecessary — you can pay with a bracelet, ring or watch. The Spanish bank BBVA has already started issuing exclusively digital card products in the spirit of the digital first concept.
a photo on your phone screen either - it's just a nod to a saudi arabia number data bygone era, a symbol of continuity, and nothing more. There's no card, no chip on the card, and therefore no need to enter a PIN - smartphone makers Samsung and Apple will be able to authenticate you by fingerprint or head shape.
The card has disappeared, reduced to a QR square or a digital token inside key chains and watches. And this has very serious consequences. For example, e-commerce has traditionally been built around entering card details into the payment form. But if there is no card anymore, then what to enter and where? The simplest answer is that you don’t need to enter anything, except for a one-time password in the best traditions of SCA (strong customer authentication). Your payment details are already stored in the Apple.Pay, Google.Pay or Sber.Pay systems and almost everything is done to make the purchase happen in one touch. It’s convenient.
a photo on your phone screen either - it's just a nod to a saudi arabia number data bygone era, a symbol of continuity, and nothing more. There's no card, no chip on the card, and therefore no need to enter a PIN - smartphone makers Samsung and Apple will be able to authenticate you by fingerprint or head shape.
The card has disappeared, reduced to a QR square or a digital token inside key chains and watches. And this has very serious consequences. For example, e-commerce has traditionally been built around entering card details into the payment form. But if there is no card anymore, then what to enter and where? The simplest answer is that you don’t need to enter anything, except for a one-time password in the best traditions of SCA (strong customer authentication). Your payment details are already stored in the Apple.Pay, Google.Pay or Sber.Pay systems and almost everything is done to make the purchase happen in one touch. It’s convenient.