Fuel retailers need to stay up-to-date on the different payment options and related security measures, above and beyond EMV. In the previous SourceLine we addressed card-processing security terminology. Here we summarize several new payment strategies and security measures that are being introduced.
Q: What is NFC?
A: Based on RFID technology, Near-Field Communication (NFC) allows phones, tablets and laptops to share data within four inches of each other. Users wave their phone close to an NFC device to complete a transaction. A chip within the mobile device stores the consumer’s financial information.
Q: What is the difference between Apple Pay and CurrentC?
A: Apple Pay, which launched in October, utilizes NFC technology to facilitate credit card transactions. CurrentC, which stores the consumer’s financial information in the cloud and facilitates transactions through QR codes, avoids credit cards altogether by connecting directly to customers’ bank accounts or store-specific cards. CurrentC is planned to launch in 2015.
Q: What is Visa Transaction Advisor?
A: VTA uses real-time authorization- risk scores to identify transactions that could involve lost, stolen or counterfeit cards. The program uses existing pump software or hardware.
Q: Has PayPal introduced any mobile payment programs?
A: Yes. MAPCO Express recently partnered with PayPal to launch the MY MAPCO app, which uses PayPal to facilitate transactions. Users receive five cents back on every gallon of fuel purchased when they use the app.