Does convenience cause risk?

covid-19 has had a major impact on all spheres of our lives, and one of the spheres already influenced, is the way we buy and pay for goods. Whether you buy using a credit card, an app, a virtual card, or these days, even your watch, contactless payments have gained traction and are here to stay.

The “Visa Back to Business Study – 2021 Outlook” found that 65% of consumers now prefer contactless payments. Only 16% of consumers would prefer to return to the traditional way of paying, once the world has returned to normality with the help of vaccines, while 74% would still use contactless payments, and 47% don’t want to buy at shops that don’t have contactless payment options.

The difference in how people buy and pay was already evident in 2020 with several banks that released interesting figures at the time. Absa said as