Oh please, this is the stupidest thing. A vast conspiracy to fight one particular method of payment. Sorry to disappoint, but these readers have been broken for ages. With the rollout of ApplePay, many Google Wallet users (as well as SmartPass dongle holders, etc) were really hopeful that the mass of machines that have been broken for the longest time would finally be fixed.
Shocker, they weren’t. Mostly because most stores don’t replace POS terminals until they are entirely no longer functional. They are expensive gadgets, and whoopie if the NFC reader is broken, the customer will whip out the credit or debit card that is attached to anyway.
As for security - how secure is your credit card? (Hint: Not at all.) NFC is an order of magnitude more secure than any normal US credit card or debit card. The NFC defeats one of the most common credit & debit card frauds currently in action: that of taking a video of your debit card and entering the pin while you are in line at the market.
If my Credit Card is compromised, I can get another one. I check mine daily. My Debit Card stays parked.
That is also why you have Paypal.
NFC opens the door to easy hacking by anyone within range of the transaction. That’s why I ALWAYS keep my NFC turned OFF.
NO THANKS!!!!
That is true. However, fraud losses run in the single-digit basis point range.