Monthly Archives September 2021

‘Butt bin’ charity works with council to tackle waste

Left to right: CCG Mayor, Councilor Richard Holmes, WISE enforcement officers Mark Reilly, Graham Perry, Gary Cooper, Christine Chambers of Keep NI Beautiful and Janice Dunlop (Causeway Coast & Glens) at Ballycastle Seafront promoting the cigarette basket

Installed since May, the ferries are placed in four locations: Ballycastle Seafront; Coleraine town center; Portrush Harbor and Ballymoney High Street.

Each voting box displays one question and two answers. Smokers will vote by putting their cigarette butt in the slot under the chosen answer. Cigarette butts pile up behind the clear glass front in two columns indicating which answer is the most popular.

Trash can maker Hubbub says the smart incentive has been shown to reduce cigarette butt waste by up to 46%.

Causeway Coast and Glens Borough Council Mayor Cllr Richard Holmes said: “Participating in this trial allows City Council to collect cigarette butts that are too common on our streets while raising awareness of an often overlooked type of litter.

“Despite their small size, we know that cigarette butts are harmful, especially when they end up in rivers or the sea. We need to be more aware of the negative impact of throwing cigarette butts on the ground or in the sewers. .

“A cigarette butt can pollute up to 7.5 liters of water, leaching chemicals that are harmful to wildlife. Collectively, the negative effects of this could be enormous.

“While there is a fun element about this type of bin, there is also a serious message behind it. “


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Contactless Payment Transactions Market Size, Forecast and Top Companies – Barclays Bank PLC, Wirecard AG, Ingenico Group, VeriFone Proxama PLC, Gemalto NV

New Jersey, United States, – The Contactless payment transaction market report contains the most basic information on the market. This comprehensive report offers insights into the market, models and drivers of business growth. It also includes contactless payment transactions market share, sales volume and education charts. He was able to combine important and additional information, such as commitments from market leaders, into a well-designed report. The Contactless Payment Transactions Market report is an essential view of strategies and insights. It is mainly aimed at business leaders. The primary objective of this Contactless Payment Transactions report is to provide industry knowledge and help our clients achieve natural growth in their respective fields. The Contactless Payment Transactions report also shows a new upward trend which includes market conditions and market forecast 2021-2028.

The contactless payment transactions market was valued at USD 11.26 billion in 2018 and is expected to reach USD 55.97 billion by 2026, with a CAGR of 22.08% from 2019 to 2026.

This study presents the principles of the Contactless Payment Transactions market: regional definitions and analyzes, software and business review, industry strategies and guidelines, product specifications, production methods, price agreements, etc. The report concludes with an assessment of SWOT contactless payment transactions, Assessment of investment feasibility and assessment of return on investment.

The report has conducted extensive research on the market segments and sub-segments and clarified which market segment will dominate the market during the forecast period. To assist clients in making informed decisions about company investment plans and strategies in the Contactless Payment Transactions market, the report includes detailed information on regional market performance and competitive analysis.

The report covers an in-depth analysis of the major market players in the market, along with their business overview, expansion plans, and strategies. The major players studied in the report include:

Barclays Bank PLC, Ingenico Group, Wirecard AG, VeriFone Proxama PLC, Gemalto NV

Segmentation of the contactless payment transaction market

Contactless payment transaction market, by payment method

• Contactless card
• Portable devices
• Contactless mobile payment

Contactless Payment Transactions Market, By End Use

• Retail
• Media and entertainment
• Hospitality
• Health care
• Others

Scope of Contactless Payment Transactions Market Report

Report attribute Details
Market size available for years 2021 – 2028
Reference year considered 2021
Historical data 2015 – 2020
Forecast period 2021 – 2028
Quantitative units Revenue in millions of USD and CAGR from 2021 to 2028
Covered segments Types, applications, end users, etc.
Cover of the report Revenue forecast, company ranking, competitive landscape, growth factors and trends
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Scope of customization Free customization of the report (equivalent to 8 working days for analysts) with purchase. Add or change the scope of country, region and segment.
Price and purchase options Take advantage of personalized shopping options to meet your exact research needs. Explore purchasing options

Geographic segment covered in the report:

The Contactless Payment Transaction report provides information about the market area, which is further subdivided into sub-regions and countries / regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region during the estimated period.

  • The Middle East and Africa (GCC countries and Egypt)
  • North America (United States, Mexico and Canada)
  • South America (Brazil etc …)
  • Europe (Turkey, Germany, Russia UK, Italy, France, etc.)
  • Asia Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia)

Key questions answered in the report:

  • Who are the main global players in this contactless payment transaction market?
  • What is their company profile, their product information, their contact details?
  • What was the global market status of the market?
  • What was the capacity, production value, cost and profit of the market?
  • What are the projections of the global industry taking into account the capacity, output and production value?
  • What will the cost and profit estimate be?
  • What will be the market share, supply and consumption?
  • What is the market chain analysis by upstream commodity and downstream industry?
  • What are the market dynamics of the market?
  • What are the challenges and opportunities?
  • What should be the entry strategies, the countermeasures to the economic impact, the marketing channels for the industry?

Visualize the market for contactless payment transactions using verified market intelligence: –

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VMI provides a holistic overview and global competitive landscape with regard to region, country and segment as well as the major players in your market. Present your market report and findings with a built-in presentation function, saving over 70% of your time and resources for investor arguments, sales and marketing, R&D and product development. VMI enables data delivery in interactive Excel and PDF formats with over 15+ key market indicators for your market.

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At Verified Market Research, we help understand the holistic factors indicating the market and most current and future market trends. Our analysts, with their deep expertise in data collection and governance, use industry techniques to gather and examine data at all stages. They are trained to combine modern data collection techniques, superior research methodology, subject matter expertise, and years of collective experience to produce informative and accurate research.

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Salary, endorsements, mansion, cars, charities, etc.

Logan Paul is an American Internet personality, social media influencer, boxer, actor and musician. Logan and his younger brother, Jake, rose to fame on the Vine platform. Subsequently, Logan started doing YouTube in 2013 and would make his main channel, “Logan Paul Vlogs” in 2015. Currently, Logan has over 23 million subscribers on his channel with around 6 billion views.

Additionally, Logan also runs a podcast, “Impaulsive,” which launched in 2018 and currently has over 3 million subscribers. However, Logan’s trip to Aokigahara Forest or “Suicide Forest” in 2017, filming a suicide victim, and uploading the footage were not well received by the YouTube community.

Former welterweight king of the world Floyd Mayweather said on May 4, 2021 that he will face YouTube personality Logan Paul in an exhibition match at Hard Rock Stadium in Miami on June 6, 2021. (Credit: Getty Images)

Over the years, Logan has also made numerous appearances on shows like Law and Order: Special Victims Unit and Bizaardvark. Additionally, he starred in films like The Thinning (2016) and The Thinning: New World Order (2018). In 2018, Logan also made his professional boxing debut against British Youtuber KSI. Recently, Logan also boxed Floyd Mayweather in an exhibition bout.

Read more: Marvin Vettori 2021 net worth: salary, endorsements, mansion, cars, charity, etc.

A look at Logan Paul’s asset build-up

name Logan paul
Age 26
Net value $ 20 million (estimated)
Status active
Salary $ 10 million (2019)
Wealth source Boxing, YouTube, Filmography, Endorsements, NFT
Endorsements Maverick Clothing, Atari, Blockfolio, FashionNova, SuperBid Barstool Sports, EnergyX
Approval gains $ 5 million (estimated)
Residence Encino, Los Angeles, California
Charities Gifts, NAMI, BlackLivesMatter

What is Logan Paul’s net worth in 2021?

Logan Paul poses with Jake Paul

Logan Paul poses with Jake Paul after defeating Ben Askren in their cruiserweight bout at the Triller Fight Club: Jake Paul v Ben Askren at Mercedes-Benz Stadium on April 17, 2021 in Atlanta, Georgia. (Credit: Getty Images)

In 2021, Logan Paul’s net worth stands at around $ 20 million. Originally thought to be under $ 20 million, Paul’s net worth saw a big increase following the PPV success of his fight with Floyd Mayweather. According to Showtime Boxing, the fight between Logan and Floyd generated roughly 1 million purchases and more, generating over $ 50 million in the process.

Additionally, Logan owes a portion of his net worth to his sponsors and endorsements. Additionally, Logan has a steady stream of income on his YouTube channel and podcast, which earns him a very good amount of money.

Logan Paul’s sources of wealth:

Here’s a detailed look at the sources of income that earn “The Maverick” his current net worth in financial well-being.

    Floyd Mayweather (R) hits Logan Paul during their Contract Show Boxing match at Hard Rock Stadium on June 6, 2021 in Miami Gardens, Florida.

Floyd Mayweather (R) hits Logan Paul during their Contract Show Boxing match at Hard Rock Stadium on June 6, 2021 in Miami Gardens, Florida. (Credit: Getty Images)

Previously, Logan faced British YouTuber Olajide Olatunji, also known as KSI, twice. While their 2018 fight was an amateur white-collar boxing match, the 2019 rematch was their professional boxing debut. Sadly, the first fight ended in a majority draw as KSI claimed the split decision victory in 2019. The fights generated over an estimated 3.5 million PPV purchases in total, both fighters winning $ 5 million each in total.

Recently, Logan also fought Floyd Mayweather in an exhibition bout on June 6, 2021 at Hard Rock Stadium in Miami Gardens, Florida. Although on paper Floyd easily won the fight, no official winner has been declared. The fight between Logan and Floyd generated roughly 1 million purchases and more, generating over $ 50 million in the process. Logan’s takeout was worth $ 5.25 million from all sources.

  • Logan Paul’s YouTube Channels

Currently, Logan’s YouTube channel has a massive audience of 23.2 million people. On top of that, Logan also earns a lot of money for his views, which average between 9 and 10 million per video. After his move from Disney and VINE, Logan’s YouTube channel has been his primary platform for some time. Here he posts videos about his daily life, family, friends, battle camps, music and more.

In 2021, Logan Paul would be one of the highest paid YouTubers. Since becoming active, Logan’s channel has racked up more than 5 billion views. Additionally, Logan also runs a podcast, “Impaulsive,” which launched in 2018 and currently has over 3 million subscribers. Naturally, this generates a huge amount of revenue from the ads shown on the videos.

  • Offers of Approval from Logan Paul

Outside of Logan’s boxing career and YouTube channel, he owes a portion of his net worth to his sponsors and sponsorship deals. Some of Paul’s sponsorship deals include MaverickClothing, Atari, Blockfolio, FashionNova, SuperBid Barstool Sports, EnergyX. As a result, Logan makes over $ 1 million a year from these transactions, which further adds to his ever-growing net worth.

Throughout his career, Logan Paul has appeared in various movies and TV shows. Logan has appeared on shows like Law and Order: SVU, Stitchers, Bizaardvark, WWE: Smackdown, and Wrestling mania 37. Additionally, Paul starred in films like The Thinning, The Thinning: New World Order, Airplane Mode, Valley Girl, and I can’t take it back. Logan also appeared on Baywatch (2017) but unfortunately his scene did not make the final cut for the film.

How Logan Paul spends his millions?

By now, it’s quite obvious that Logan enjoys living his life strong and in style. Understandably, the social media and boxing star likes to shop for expensive things, including a Pokemon Collector card. As such, let’s take a detailed look at how “The Maverick” spends its high budget income.

  • Logan Paul Luxurious House

Currently, Logan is back at his Los Angeles mansion after a few months in Puerto Rico for his training camp. Paul’s mansion in Los Angeles is located in the suburb of Encino. Logan bought the mansion in 2017 for $ 6.55 million. The mansion is over 30,000 square feet and has 14 rooms.

  • Logan Paul Luxury Cars

Obviously, Logan enjoys showing off his lavish lifestyle online, often sharing posts on private jets and designer shoes, clothing and cars. Additionally, the Ohio native is also often seen posing with a variety of expensive cars, including a Mercedes SUV. Additionally, Logan made giveaways in which he parted with his 2014 Dodge Challenger and also one where he made a giveaway for 2 Teslas.

  • Logan Paul Pokémon Card Collection

Surprisingly, Logan is also a huge fan of the Pokémon card collection and collectibles. Recently he has started making videos about his new hobby and as such has spent obscene amounts trying to collect his favorite cards. Apparently, Logan bought $ 3.5 million worth of Pokémon cards that he unwraps and features in his YouTube videos and social media.

  • Logan Paul’s Nonprofit Investments: Charitable Work

Even though he is rich and famous, Logan enjoys doing his part to give back to society. In particular, Logan made gifts for his 2014 Dodge Challenger and his 2 Tesla cars. Additionally, Logan did a Pokemon Livestream which raised $ 130,000 for mental health awareness for NAMI. Additionally, Logan was a big supporter of BlackLivesMatter and was at the forefront of a protest march in his area.

Read more: Israel Adesanya Net Worth 2021: Salary, Endorsements, Mansion, Cars, Charities, etc.



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Advantages and Disadvantages of Contactless Payment Methods in Restaurants | Modern restaurant management

Due to the COVID-19 pandemic, it was essential to reduce frequent points of contact in physical stores, including restaurants, bars and cafes. In bathrooms, it’s increasingly common to see touchless paper towel dispensers, hand soaps, and air dryers.

Another contactless feature that many restaurants are adding to their operations are payment methods. More and more alternatives to cash are emerging and restaurateurs must consider the pros and cons of using them to improve the transaction process.

Here are some of the pros and cons of implementing a contactless payment system in your operations, so you can better decide if it is right for your restaurant.

Growing popularity of contactless payment methods

Although contactless payment methods were first introduced in 1995 by South Korea’s public transportation system, the global pandemic has accelerated their adoption in the restaurant industry. Customers and business owners can benefit from their use. One of the main reasons these systems are growing in popularity is the convenience they bring to the table.

The payment method is quite simple: Customers can tap or hold their card or smart device on the point of sale system. Near Field Communication (NFC) technology then captures the card or device information and continues to process the payment. NFC technology uses a radio frequency that allows it to communicate with the restaurant’s point of sale system.

This payment method allows fast, reliable and secure transactions. Customers can avoid waiting for a waiter to deliver their check, execute their credit card, and sign the receipt. It is a much more efficient means of payment than cash or the insertion of a traditional card with entry of the PIN code.

Benefits of contactless payments

Here are some of the benefits of contactless payments that could help your business grow and prosper in a competitive environment.

1. Better customer experience (CX)

CX can make or break your business. People who have bad experiences paying their bills may not come back or convert to loyal customers.

However, if you offer convenient payment methods as a Unique Selling Point (USP), you may have a better chance of retaining your customers. Customer experience is a top priority for businesses over the next five years, and restaurants are no exception.

2. Secure transactions and fraud protection

Contactless payment transactions are secure and encrypted to discourage any hacking attempt. The last thing you want is for a customer to experience fraud or have their information stolen.

When a customer walks into a restaurant, their information must be protected and safe from potential criminals. Using contactless payment options will help secure payments.

3. Improved customer loyalty programs

When customers download your restaurant’s mobile app, they should also be able to connect a credit or debit card to their account. So when they order online or pick up their meal, it’s already paid for.

When customers sit in your restaurant, they should be able to pay for their meal with this app and earn rewards for their purchases. It helps build loyalty with your restaurant and keeps people coming back for more.

Disadvantages of contactless payments

While the benefits of using contactless payments can be compelling, it’s crucial to identify the downsides you might encounter if you decide to incorporate them into your restaurant operations.

1. Age gap in technology adoption

Millennials and Gen Z are known to adopt technology quickly, and there is evidence to suggest that they have steered us into a future of contactless payment.

This bodes well for you as a restaurant or business owner as you will have an easier time attracting these young customers. However, this is a double-edged sword – older populations may not be inclined to use technology to pay their bills. Taking this age gap into account is something you will need to consider.

2. Security issues

While contactless payments are known to be safe and secure for customers, they still come with risk. If a customer’s card is lost or stolen, contactless charges lack the PIN authentication that would typically prevent criminals from getting started. Fortunately, many banks can issue a 100% guarantee for customers who believe their card has been fraudulently charged.

When you know these pros and cons, you are in a better position to decide whether implementing contactless payment methods is right for your restaurant. Many establishments are adopting this new technology to improve their customer service and simplify transactions.

As technology advances, it’s interesting to see which trends hold and which don’t. Contactless payment may have been a fad at one time, but it is slowly taking over the restaurant industry. Describing the pros and cons will help you make the right decision for your restaurant.


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Judge rules Apple can’t stop apps from offering alternative payment methods in Landmark Epic Games case

After more than a year of legal wrangling, the landmark App Store case launched against Apple by Epic Games last August has come to an end, with the court conceding a relatively minor point to Epic while dismissing the other claims.

Specifically, Judge Yvonne Gonzalez-Rogers ruled that Apple was not a monopoly under federal or state antitrust laws, although she acknowledged that Apple had engaged in “anti-competitive behavior under California competition laws “.

Specifically, Judge Rogers challenged Apple’s “anti-leadership” rules – those that prevent app developers from even mentioning the capability of alternative payment methods within their applications.

The judge had focused on this issue several times during the trial, so it should probably come as no great surprise that the most significant outcome of his final decision was a permanent injunction which will prevent Apple from blocking links to other payment methods.

Nonetheless, the lawsuit found that Apple was engaging in anti-competitive behavior under California competition laws. The Court finds that Apple’s anti-leadership provisions hide critical information from consumers and illegally stifle consumer choice.

Judge Yvonne Gonzalez-Rogers, Rule 52 Merits Post-Trial Order, Epic Games v Apple.

Apple also likely saw the writing on the wall here, as the company boldly announced last week that it would start allowing “reader” apps – those that “allow a user to access content previously. purchased or subscriptions to content, such as magazines, newspapers, books, audio, music and video “- to start including links allowing users to sign up for subscriptions outside of the App Store .

However, Judge Rogers’ injunction goes beyond the relatively minimal concession made by Apple, as it applies to all apps on the App Store – not just those like Netflix and Spotify – and it effectively prevents Apple limit the type of links or buttons. that can be used.

Apple Inc. and its officers, agents, servants, employees and any person in concert or active participation with them (“Apple”), are hereby permanently prohibited and enjoined from prohibiting developers (i) from including in their apps and metadata buttons, external links or other calls to action that direct customers to purchasing mechanisms, in addition to in-app purchases and (ii) communication with customers through touchpoints obtained voluntarily from customers through account registration in the app.

Permanent injunction, United States District Court, Northern District of California, in Epic Games vs Apple.

While the injunction is not effective until December 9 – 90 days from the date it was issued – once it goes into effect, Epic may be able to revert. Fortnite to the App Store mainly on its own terms.

The text of the injunction suggests that applications will be limited to linking to external payment pages, however, rather than providing their own payment processing right in the app, which Epic has done with Fortnite. Whether this will satisfy Epic Games remains to be seen.

To be clear, while any ground gained might be seen as a small victory, Epic ultimately only prevailed over one count – something that is arguably the App Store’s most egregious rule in the first place.

On all other points, Judge Rogers ruled strongly in favor of Apple, stating that it was not a monopoly in the “digital mobile game transactions” market and that “a considerable market share “And extraordinarily high profit margins” do not automatically translate into antitrust conduct.

“Success is not illegal,” adds Judge Rogers.

After defining the relevant market as digital mobile game transactions, the Tribunal then assessed Apple’s behavior in that market. Based on the trial record, the court ultimately cannot conclude that Apple is a monopoly under federal or state antitrust laws. While the Court finds that Apple enjoys a sizable market share of over 55% and extraordinarily high profit margins, these factors alone do not indicate antitrust behavior. Success is not illegal.

Judge Yvonne Gonzalez-Rogers, Rule 52 Merits Post-Trial Order, Epic Games v Apple.

That said, Judge Rogers made it clear that it was not impossible to argue that Apple is a monopoly, but simply that Epic Games “failed in its onus” to argue this case. For example, Epic has presented no evidence of “other critical factors, such as barriers to entry and decreased production or decreased innovation in the relevant market”.

Epic does not get by without tape

Epic made a pretty brazen move last summer in an attempt to argue its case against Apple, sneaking into its own in-app purchasing system. Fortnite in direct violation of the rules of the App Store.

While it was Epic’s whole case that these rules shouldn’t exist, the reality is they did exist at the time, and Epic had a contractual obligation to follow them. As a result, Apple officially terminated Epic’s developer account, and when Epic sought an injunction to force Apple to reinstate it, Judge Rogers flatly denied Epic’s request, stating that the company had to. live with the mess she had chosen to create.

It was, as Judge Rogers put it, “a move calculated to violate” and Epic “cannot do irreparable harm when [it] create evil [itself]. “

In the midst of that, Apple also hit back with a counter-suit against Epic for breach of contract, and in today’s ruling Judge Rogers ruled in favor of Apple, stating that Epic must pay Apple. 30% of the money they earn through their own in-app purchase system.

To be fair, Epic admitted in his statements that he had violated its Developer Product License Agreement (DPLA) with Apple, and even admitted that Apple would be entitled to compensation – “to the extent that the court finds the DPLA to be enforceable.”

Of course, the whole Epic thing was that the DPLA wasn’t enforceable in the first place, which made it a meaningless concession. Essentially, the company was admitting to violating a contract that it had never considered legal in the first place.

Epic Games maintains that all of Apple’s counterclaims are prohibited despite its acknowledged violation of the DPLA because the provisions of the DPLA it violated are unenforceable (i) under the doctrine of illegality; (ii) because they are void against public order; and (iii) because they are unreasonable.

Judge Yvonne Gonzalez-Rogers, Rule 52 Merits Post-Trial Order, Epic Games v Apple.

However, since Rogers J. ruled that Apple was not considered a monopoly under federal or state antitrust laws, and more specifically that “no provision of the DPLA at issue in this action is illegal under of the Sherman Law or the Cartwright Law “, contracts are not” illegal and unenforceable “.

In fact, it seems Epic was too cocky for his own good here. Judge Rogers admitted that Apple’s 30% commission rate may not be justifiable, but adds that Epic has not argued it should pay less – he tried to argue that he shouldn’t pay anything at all.

Although the court found that the evidence suggests that Apple’s 30% commission rate appears inflated and is potentially anti-competitive, Epic Games did not dispute the rate. On the contrary, Epic Games has challenged the imposition of any commission whatsoever.

Judge Yvonne Gonzalez-Rogers, Rule 52 Merits Post-Trial Order, Epic Games v Apple.

Indeed, Rogers J. ruled that Apple had the right to some commission, and since the commission rate was not in dispute, declined to comment on whether 30% was considered fair or not.

Instead, she ordered Epic to pay Apple the commissions it should have earned from in-app payments in Fortnite players that were made outside of Apple’s systems.

The remedy to which Apple is entitled is that to which Epic Games has stipulated in the event that the Court has found it liable for breach of contract, namely: (1) damages in an amount equal to (i) 30% of the $ 12,167,719 of Epic Games revenue collected from Fortnite app users on iOS via Epic direct payment between August and October 2020, plus (ii) 30% of such Epic Games revenue collected from November 1, 2020 to the date of the judgment.

Judge Yvonne Gonzalez-Rogers, Rule 52 Merits Post-Trial Order, Epic Games v Apple.

While 30% of $ 12,167,719 equates to just $ 3,650,316 – pocket currency for Apple and Epic – there is obviously a principle at stake here. Ironically, the end result is that Epic loses more money than if he had just left him pretty well alone.

Since Epic was trying to make his point by selling in-game currency by Fortnite with a 20% discount, and he’s now forced to pay 30% of the income he earned from those already discounted purchases, he ended up losing $ 1.40 more on every $ 10 transaction than if he had simply given Apple its 30% cut in the first place.

Judge Rogers also ruled that Epic is required to declare that “Apple’s termination of the DPLA and related agreements between Epic Games and Apple was valid, lawful and enforceable”, and that Apple “has the contractual right to terminate its DPLA with any or all of the subsidiaries, affiliates and / or other entities wholly owned by Epic Games under the control of Epic Games at any time and in Apple’s sole discretion.

Given Judge Rogers’ rather pointed comments at Epic Games last fall, when the company sought a preliminary injunction to force Apple to restore Fortnite on the App Store, it’s no surprise that Epic was slapped pretty hard on the breach front. The courts generally have a bad opinion of plaintiffs who play games like this, and we can’t help but wonder if Epic would have been better off had it simply gone for a quieter trial.


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Which payment transaction authentication methods are better?

Nowadays, the usual methods of authenticating users on portals, corporate systems, VPNs, etc. are all familiar to us.

We all know about authentication factors (what you know, what you have, and what you are), two-factor authentication, multi-factor authentication, how to implement these factors, and much more.

When it comes to payment transactions, there are many hidden pitfalls, as there are a series of fundamental differences between a normal application in a business, for example, and a payment system like a plastic card, an e-wallet, etc. .

Let’s see this in more detail.

When it comes to enterprise level authentication, we can find many proven solutions to solve the problem; protocols (such as Active Directory, SAML, RADIUS, OpenID, OAuth, a set of RFCs or a set of ISO standards), vendor specifications, software and hardware to facilitate vendor authentication, as well as software and hardware that can communicate with these providers.

Another topic of discussion concerns client authentication devices, such as tokens, MAC calculators, smart cards, NFC rings, fingerprint scanners, etc.

This huge market always tries to stay organized and create intercompatible solutions. This is great, because you can get an enterprise-level application (for example, an e-doc system) and link it to your users’ directory through Identity Management (IdM) and with various authentication methods. via a Single Sign-On (SSO) system.

The SSO system will cover your authentication requirements, while the IDM will manage users and authentication factors. It doesn’t matter which supplier provides these components for you. All will work with standardized protocols.

Learn about the different payment transaction authentication methods

The issue of a payment infrastructure is, however, much more complex. I see two main reasons for this. The first is that user management is totally different from traditional applications. The second is that there is no standard for authenticating a user or a user’s transaction through the processing of payment transactions.

As a result, each financial company (bank, fintech, e-wallet, investment platform, etc.) must invent something according to its own vision and its own risks.

Let’s say you are a regular bank. If we ignore features like the open API then you are giving two main options for a user to spend their money; using a payment card and via a remote banking system with mobile banking, online banking, etc.

When it comes to offline payments with a card, there is no problem. You work with point of sale terminals via a payment system such as Visa or Mastercard. The payment process is completely transparent and secure.

In the case of a cardless transaction (such as in e-commerce), then in accordance with the requirements of Verified-By-Visa and those of similar services, you, as the card issuer, must authenticate the cardholder. the map.

The transaction will be processed by specialized card processing infrastructure and software. It is usually a separate division of a bank with its own rules that combine the requirements of the payment system such as those of Visa and internal risk management.

These rules, infrastructures and software provide a very limited range of transaction authentication mechanisms. Usually one of the following is used; card PIN, a separate static PIN, one-time password (OTP) via SMS, or one-time password via push notification.

User password privacy concept, technology photo created by rawpixel.com – www.freepik.com

Can you manage the authentication methods? No. Can you use anything better and more secure than texting? No. Can you ask a treatment provider to cover your needs? Yes, but be prepared to pay. Without any guarantee. Compare that with enterprise apps and you will see the difference.

You might be asking yourself, do I really need to change something? Maybe things are going well the way they are? Let’s see.

Using a card’s PIN code to authenticate an Internet payment transaction is not a good idea. It can be diverted at many points on its way from the user to where it is being processed.

There are many tools and techniques for doing this; keyloggers, man-in-the-middle attacks, man-in-the-browser attacks, Trojans, exploits, etc. I don’t think there is any need to explain why card pin theft is a bad thing.

A separate static PIN has the same vulnerabilities, but at least the card PIN will not be stolen and the card will not be used offline by the perpetrator.

The disadvantages of an OTP via SMS have been discussed several times. It is not secure at all as it has a large number of technical and technological vulnerabilities and can be hijacked using social engineering, phishing, etc.

In addition, it is extremely expensive. And what’s more, its use is increasingly banned in more and more countries due to its drawbacks.

An OTP via push notification has the same disadvantages from a technical and technological point of view. It is, however, inexpensive.

How do you choose an authentication method for your organization?

Going forward, you have several options for setting up your remote banking system.

The first option is to build it around card processing. In this case, you will have all the authentication issues, eg security and maintenance, from the previous paragraphs.

You will become hostage to slow, very exclusive and expensive processing providers, rules of payment systems like Visa or Mastercard, etc. Forget about modern and practical services.

The second option is to create a remote banking system to your own specifications. Using modern techniques, it can be a set of back-end services and a front-end solution.

In this case, you can configure the transaction processing flow as you wish, with transaction authentication following your own rules. Of course, you can find solutions like this from trusted vendors.

If a vendor’s solution or your own internal solution allows, you can integrate IdM and SSO into your remote banking system and additional services.

I think if you could choose a payment transaction authentication method, you wouldn’t choose an insecure and expensive method with many known issues like SMS messages or a static PIN.

From my perspective, the best solution for payment transactions is to use mobile-centric confirmation solutions like PayConfirm. It has a very high level of security, is cheaper than SMS, and is much more convenient for users.

If we continue to imagine that you are a bank, you might of course prefer to combine the transaction authentication methods for cardless transactions and for a remote banking system.

Yes, you can take the simpler route and make all your systems just as bad as the worst component of it (card processing, for example). Another way, however, is to push treatment providers to meet your needs.

Such requests may dictate authentication standards, as in the corporate sector. It will be good for everyone involved: financial institutions, security providers, end users, support companies, etc.

Thus, the position of a bank is not very convenient in terms of authentication of payment transactions. But fintechs, e-wallets and other financial institutions don’t have the same restrictions as a bank.

This means they can use modern, mobile-centric solutions that are cost effective, secure and convenient for end users.

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