Cashless payments are payments that are made without using hard cash. Examples of cashless payments are bank transfers, credit card payments, mobile payments, and digital or e-wallets.
Contactless payments are a specific form of cashless transaction in which no physical contact is made between a consumer’s card and a vendor’s POS (point of sale) system. Contactless systems use NFC (near-field communication) technology to interact with a customer’s card when it’s held close to the payment reader device.
Encryption and two-factor authentication ensure the security of cashless transactions. Backing up your system with a reliable trust anchor such as the Atalla AT1000 HSM will effectively provide the necessary security.