There are universal truths about the technology and safety behind electronic payments, in contrast to everyday misperceptions. Mastercard has traced some common myths about cashless payment solutions, and has ‘busted’ them with the truth, to help provide peace of mind.
Myth: Cash is a secure solution.
Truth: Cash is the least secure form of payment because if stolen/lost, it can be used by anyone without any need for authentication. It’s much safer to use plastic card with Chip and PIN. Technology on a payment card has multiple layers of security that help detect and mitigate threats. Chip and PIN technology is just one example of a security layer that helps fight persistent security threats. Mastercard is globally accepted and in case one needs to withdraw cash he/she can use salary or credit card in all ATMs around the world.
Electronic payments remain one of the safest ways to pay, more so than cash.
Myth: Mastercard is pegged to EUR and that’s why it’s good for use in Europe rather than in United States.
Truth: Settlements in Mastercard can be made both with USD and EUR as well as with additional 16 regional currencies. That means if bank has both USD and EUR regional settlement, then transactions in the United States will be transferred to bank in USD, while transactions in Europe in EUR, without additional conversion.
Myth: Plastic cards are not secure because if lost or stolen you lose the money on the card.
Truth: Mastercard provides worldwide assistance with Lost and Stolen Card Reporting, which notifies issuer bank within minutes and Mastercard won't hold you responsible for unauthorized transactions. In case of card lost or if card copy is suspected you may call your bank and use “Emergency Card Replacement” service to receive new card within two business days at place where you are. Besides, cash can be obtained at over 22 million ATMs with Mastercard or Maestro logos worldwide.
Myth: Security is still the biggest concern that prevents consumers from shopping online.
Truth: Shopping online can be a daunting experience for a first-time user, but there are technology advancements such as Mastercard SecureCode that allow online retailers to add another layer of security for transactions by asking the consumer to enter a password. Only the consumer knows that password.
With these common myths ‘busted’, there’s no excuse to not adopt the latest payment innovations.