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Thread: Contactless Payments in Jamaica

  1. #21
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    Security is the number one aspect people bring up when they talk about cashless systems. But with cashless you lose more than you gain - it is simply my opinion. Mobile money is a "sub market" kinda "park-at-your-own-risk" deal which alot of tech companies are doing nowadays with their EULA. As long as it is this way then I do not see how it being secure is going to help in a world full of insecurities + bait and switch, free corn systems. I would have to write full essay on mobile money.
    Last edited by owen; Nov 27, 2018 at 01:28 PM.

  2. #22
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    I see Mobile Money and Contactless Payments as alike but "separate" as in, while Mobile Money is whole different paradigm... my focus in on the natural extensions of what we have in our wallets, credit and debit cards. Access to your money via your phone acting as a Visa/Mastercard further reduces your chances of fraud thanks to biometric verification and 2-factor authentication (which banks like CIBC FCIB already have mind you). My issue with mobile money solutions is their dependence on the unbanked; the returns on that market segment are slim. Retrofitting your credit card & debit card portfolio with Apple/Google/Samsung Pay and Contactless with the requisite backend security attracts more profitable market segments i.e. millenials and Gen X's who are spending more and will continue driving spending trends in LatAm.

  3. #23
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    Quote Originally Posted by owen View Post
    Security is the number one aspect people bring up when they talk about cashless systems.
    OK, we had magstripe payment cards which were in use for decades. They are very insecure. it's like logging into your bank account over HTTP.
    But they are more convenient than walking around with cash. Newer technologies are here to make using those conveniences more secure. Hence why most of the web moved to HTTPS to secure doing online banking from the convience and comfort of your home. So yes security is the number one reason of these payment systems.

    Quote Originally Posted by owen View Post
    But with cashless you lose more than you gain
    OK, I'm still waiting to hear what it is we will be losing. Maybe write a blog about it?

    Quote Originally Posted by owen View Post
    As long as it is this way then I do not see how it being secure is going to help in a world full of insecurities + bait and switch, free corn systems.
    You notice as technology become more secure hackers/scammers/thieves move to the least secure chain in any system! The human? I'm pretty sure you have learned to be vigilant on the internet. We just need to learn to be viligant with our digital money.

  4. #24
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    Quote Originally Posted by leoandru View Post
    OK, we had magstripe payment cards which were in use for decades. They are very insecure. it's like logging into your bank account over HTTP.
    But they are more convenient than walking around with cash. Newer technologies are here to make using those conveniences more secure. Hence why most of the web moved to HTTPS to secure doing online banking from the convience and comfort of your home. So yes security is the number one reason of these payment systems.


    OK, I'm still waiting to hear what it is we will be losing. Maybe write a blog about it?


    You notice as technology become more secure hackers/scammers/thieves move to the least secure chain in any system! The human? I'm pretty sure you have learned to be vigilant on the internet. We just need to learn to be viligant with our digital money.
    The overwhelming fear of digital banking/money is how one's insufficiencies might open them up to compromise... The job of banks/fintech orgs are to protect you from compromise from their insufficiences not of our own.

  5. #25
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    @leoandru I guess you missed the "park at your own risk analogy" that I mentioned before. Cashless/Mobile Money is secure as long as you do X or Y. These platforms will take no responsibility for anything that happens. (This is something I also wrote about) - it is a moving target - it never ends)

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