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Thread: Contactless Payments in Jamaica

  1. #11
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    Quote Originally Posted by Brandysull View Post
    P.S. I never worry about my card particulars being stolen as not even CIBC's cards' Chip actually knows the PIN muchless the Mag Stripe... it's all secured in the bank's backend in Canada.
    Are you saying that your Chip'd card can't be duplicated? I've seen some YouTube "how-to" videos showing otherwise.
    One of the things that irritates me about shopping at some merchants like Mega Mart (Waterloo branch) is that the security cameras are installed hovering above where you stand to enter your PIN. It isn't pointed at the cashier or cash register.
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    Quote Originally Posted by NOKIA 3650 View Post
    Are you saying that your Chip'd card can't be duplicated? I've seen some YouTube "how-to" videos showing otherwise.
    One of the things that irritates me about shopping at some merchants like Mega Mart (Waterloo branch) is that the security cameras are installed hovering above where you stand to enter your PIN. It isn't pointed at the cashier or cash register.
    To get the kind of equipment to actually be able to do such a thing requires capital outlay in the millions of USD. Moreover, cryptography schemes differ from bank to bank so, again, it is quite literally impossible.

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    Quote Originally Posted by Brandysull View Post
    so, again, it is quite literally impossible.
    https://www.youtube.com/watch?v=Ks0SOn8hjG8

    Say again?
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    Quote Originally Posted by NOKIA 3650 View Post
    First off don't take your card to places like Taboo go to an ATM and get cash (or better the bank teller), that is just common sense. Also, ask for and keep your receipts and check your bank statement immediately after. Banks now have push notifications for apps or SMS on card usage. I don't know about impossible but cloning chip and pin and contacless cards are far harder that magstripe cards. But you still got to be viligant not to get charged more that what is actually shown on the terminals

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    Quote Originally Posted by Brandysull View Post
    I've asked CIBC FirstCaribbean to look into this as they've got the backend function (tokenization) down already. They've said to me that while they can get it up and going in no time (Apple Pay, Google Pay, Samsung Pay), it has to go through regulatory proceedings in each territory; a hassle and a half. This is why they went the contactless card route in the interim. Never the less, they seem to be the only amply suited player to truly launch digital wallet solution in the near term.

    P.S. I never worry about my card particulars being stolen as not even CIBC's cards' Chip actually knows the PIN muchless the Mag Stripe... it's all secured in the bank's backend in Canada.
    digital wallets and mobile money are even worse. I see a mobile money platform offering free corn if you use them for your purchase. Using electronic money is not even worth a free corn. Switching one set of problems for another set of problems does not make the platform more "secure". You have to have other benefits besides being convenient.

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    Quote Originally Posted by owen View Post
    digital wallets and mobile money are even worse. I see a mobile money platform offering free corn if you use them for your purchase. Using electronic money is not even worth a free corn. Switching one set of problems for another set of problems does not make the platform more "secure". You have to have other benefits besides being convenient.
    Okay but again, the cost of cash is become too much of a burden. Cash won't be around forever and eventually Digital solutions will become a no-brainer. One of the sentiments echoed by Scotiabank today in their announcement of their 9-Market-Pullout is that the cost of investing in technology to keep up with regulations is one of the primary reasons for the pullout(s). Moreover, Scotiabank is playing catchup in Jamaica; rolling out contactless terminals islandwide and will be going live with Contactless Chip & PIN and a refreshed digital portfolio. Now that the restructure is done, Jamaica will now be seeing 3 players pushing hard with their Contactless solutions; Scotiabank, CIBC FirstCaribbean and NCB's Quisk.

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    Quote Originally Posted by owen View Post
    digital wallets and mobile money are even worse. I see a mobile money platform offering free corn if you use them for your purchase. Using electronic money is not even worth a free corn. Switching one set of problems for another set of problems does not make the platform more "secure". You have to have other benefits besides being convenient.
    Worst how? Do you feel secure walking around with cash to do transactions? If and when we get to mobile contactless payments there will be biometric authentication added on top of a very secure protocol. (BTW contacless protocol is open standard and publish for anyone to scurtinize).
    But I specifically want to know why you say its worst

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    Quote Originally Posted by leoandru View Post
    Worst how? Do you feel secure walking around with cash to do transactions? If and when we get to mobile contactless payments there will be biometric authentication added on top of a very secure protocol. (BTW contacless protocol is open standard and publish for anyone to scurtinize).
    But I specifically want to know why you say its worst
    Precisely, EMV and by extension Visa Paywave use tokenization (which I cannot stress enough) as key parts of a transaction. Just as how your SIM card has never been hacked, your Chip & PIN card and by extension, your contactless card and Apple iPhone's secure enclave likely won't be able to be accessed by any malevolent element.

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    Quote Originally Posted by Brandysull View Post
    Okay but again, the cost of cash is become too much of a burden. Cash won't be around forever and eventually Digital solutions will become a no-brainer. One of the sentiments echoed by Scotiabank today in their announcement of their 9-Market-Pullout is that the cost of investing in technology to keep up with regulations is one of the primary reasons for the pullout(s). Moreover, Scotiabank is playing catchup in Jamaica; rolling out contactless terminals islandwide and will be going live with Contactless Chip & PIN and a refreshed digital portfolio. Now that the restructure is done, Jamaica will now be seeing 3 players pushing hard with their Contactless solutions; Scotiabank, CIBC FirstCaribbean and NCB's Quisk.
    My Only problem with going to cashless society is in times of disaster. What will happen if an earthquake or hurricane renders our power and communication grid inoperable for weeks?

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    Quote Originally Posted by leoandru View Post
    My Only problem with going to cashless society is in times of disaster. What will happen if an earthquake or hurricane renders our power and communication grid inoperable for weeks?
    Well, CWC/Liberty LatAm has been investing in Cat 5. resistant infrastructure post Maria & Irma across their entire footprint. They at least would be up in the midst of a disaster. Further, these payment methods are globally linked i.e. no "outage" can bring the entire system to its knees.

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