The History of Contactless Money Transfer

Contactless money transfer has been on the rise for some time now and has received a major boost from the Covid-19 pandemic. The concept of contactless money transfer dates back to the days when precious metals were used as a form of currency. Fiat currencies emerged over time, followed by credit cards and, more recently, digital payment methods. It is fascinating to see how technology has progressed to improve the efficiency and security of our lives.

What is contactless money transfer?

When we refer to contactless money transfer, we mean payment systems that do not require a handshake or face-to-face meeting. Examples include the following: contactless card payments, mobile wallets and online payment systems. The technology behind these payment methods, such as radio frequency identification (RFID) or near field communication (NFC), makes it possible for transactions to take place between two points without any physical interaction.

Asian girl shopping online with credit card
Asian girl shopping online with credit card

Types of Contactless Money Transfers

There are several types of contactless money transfers, including the following:
Contactless cards: which are regular debit/credit cards with an additional antenna that allows wireless interaction with a reader. -Mobile wallets are applications stored on mobile devices that allow users to make purchases through their phones.
Internet payment systems: these include online banking services as well as e-wallets that allow customers to make payments online.

Will physical cash become obsolete?

Contactless money is simply a star-studded system; it is the core technology driving today’s financial transactions. It is like a superman with the power to reshape everything about the way money is used by individuals and organizations. And what’s more? It is so easy and effective, just a click away! However, behind this convenience lies a world of technological advancements, legislations and security concerns that make this instrument a true mystery. As simple as Swiss cheese may seem on the surface, it hides numerous holes and layers within.

Mobile payment apps, digital wallets and peer-to-peer payment platforms are leading the charge for contactless money. They employ modern methods such as NFC technology, QR codes or biometric authentication to streamline transactions at the point of sale (POS). Imagine blowing a bill on a meal, buying things or giving a refund to your friend with just a few taps on your mobile screen! It’s like having magical powers in your hands!

It’s true that convenience has a lot of appeal, but we shouldn’t allow ourselves to ignore its dangers.

Digital transactions have a downside and we should be wary of the dangers that lie ahead. Cybercriminals are always looking for weaknesses in systems that they can exploit, because more transactions are contactless; this means they have a bigger prize than before. Our sensitive financial and personal information needs to be protected from malware, phishing and other cyber threats.

To meet these challenges, the industry has invested heavily in strong security measures of all kinds. Encryption, tokenization and biometric authentication are like the three musketeers of security, protecting sensitive data and verifying user identities. Furthermore, regulations such as PCI DSS or GDPR act as if the gatekeepers are there to dispense justice. However, digital security is not just about technology and regulation, it is also about what we do ourselves. We need to educate consumers about the dangers of cyberspace, advocate for best practices in safeguarding private data, and at the same time create a culture of awareness around us. Only then will we have a comprehensive approach to cybersecurity.

Striking this balance between convenience and security is where our focus should be throughout life’s journey. Yes, we want seamless payments, but not at the expense of privacy or security.

To create a safer and more trusted contactless money transfer ecosystem, innovation, collaboration and security need to be prioritized. By doing so, we can build an infrastructure that gives us the confidence to transact in an increasingly digital world.

Mobile payment
Mobile payment

The Future of Contactless Payments:

Contactless payments have a bright future ahead! According to Juniper research, it is set to grow from $10.3 billion in 2024 to $18 billion in 2025, and eventually jump to over $10 trillion by 2027. This indicates a staggering growth rate of 221% between 2022 and 2026. This is a result of the adoption of contactless technology in point-of-sale systems. In addition to the boom in contactless payments, rapid technological advancements suggest more innovative solutions are yet to come. It’s an exciting time for those who like to follow the evolution of payments.
In short, contactless payments are set to change the way money is handled! And given that technology continues to advance rapidly, there would be an incredible evolution ahead. This is the most exciting part because the way we pay or receive money will become faster, safer and more creative day by day.

47 Comments

Érivan Franklin

Érivan Franklin

, at 9:00 am Reply

Unfortunately, many people are out of Brazil for many reasons, like me, who works in IT and has been out of Brazil for six years. This is very common, from what I can see.

Tania Amorim

Tania Amorim

, at 9:15 am Reply

Good afternoon! My son has been away from Brazil for 11 years. He is married and has a 10-year-old daughter. He went to college (if he were here, he probably wouldn't have done it). My daughter-in-law graduated in Medicine this year.
We miss him a lot, but what makes us feel relieved is the safety of his family.

Pedro Cerioni Tognato

Pedro Cerioni Tognato

, at 9:15 am Reply

Érivan Franklin i am an IT professional, and more than ever now I am seriously thinking about leaving the country to work in the area....

Jhenifer Griffin

Jhenifer Griffin

, at 9:36 am Reply

In Brazil, IT has never been valued, and look at this beautiful profession

Jackson Wellington

Jackson Wellington

, at 9:44 am Reply

Jhenifer Griffin this is true, and nowadays there are many who are programmers just because they want money, and this is making the area more and more outdated.

Jackson Wellington

Jackson Wellington

, at 9:45 am Reply

Érivan Franklinyes, i'm already preparing my arm and passport

Jackson Wellington

Jackson Wellington

, at 9:59 am Reply

Érivan Franklin and i wanted to learn about the area and leave this country.

Juildson Keno

Juildson Keno

, at 10:13 am Reply

And I wanted to learn about the area and leave this country.

Adílio Silva

Adílio Silva

, at 10:24 am Reply

It's funny that I have qualifications and I've been at home without work for months, I send out several resumes every day, does anyone know which country these vacancies are in?

Gabriela Oliveira

Gabriela Oliveira

, at 10:28 am Reply

Adílio Silva Me in the same situation

Rodrigo Tavares Ferreira

Rodrigo Tavares Ferreira

, at 10:32 am Reply

Adílio Silva The problem is that a college degree alone is not enough; professionals must master a series of technologies in order to be qualified to apply for a position in a company.
Every day, a new technology emerges, and professionals must be able to keep up with the changes that arise in the market.
In addition to the fact that it is extremely challenging for professionals to stay up to date, unfortunately, the situation that people face is with companies that demand a lot and pay little.
The remuneration of IT professionals in Brazil is inversely proportional to what companies require in terms of technical training.
In the near future (as the report says), Brazil will not only need many IT professionals, but companies will also have to adapt to a new reality in terms of remuneration for these personnel.

Alexandre Souza

Alexandre Souza

, at 10:36 am Reply

Rodrigo Tavares Ferreira not to mention that sometimes a qualification course is expensive

Rodrigo Tavares Ferreira

Rodrigo Tavares Ferreira

, at 10:45 am Reply

Adílio Silva The foreigner will not work in person in Brazil.
He will be "hired" in the Home Office modality.
He will continue living in Bolivia, Ecuador, in these countries that are not as developed as Brazil and will earn a little money in reais.
It may not be much for those who live here in Brazil, but for those who live in a place WORSE than Brazil, it may be an interesting amount.

Adílio Silva

Adílio Silva

, at 10:52 am Reply

Alexandre Souza a certification is very expensive with the dollar at its current value, with no conditions, how can an IT professional qualify like this?

Rodrigo Tavares Ferreira

Rodrigo Tavares Ferreira

, at 11:06 am Reply

Of course, Diplomas and Certifications from IT companies are extremely important.
I think that nowadays, besides being interesting to have such distinctions, the greatest of all will be the one in which you demonstrate that you are really capable of knowing how to do the work that a company needs.
I am a Full Stack Developer (computer programmer).
I have had coworkers who had very good academic qualifications, but when it came to writing software code, they were not so good and consequently were dismissed in a short space of time.
Summary of the opera:
It is often more advantageous to demonstrate that you know how to do the job than to show Diplomas and certifications.

Adílio Silva

Adílio Silva

, at 11:15 am Reply

Rodrigo Tavares Ferreira that's right, having a certification doesn't mean that the professional is a genius, i've seen many colleagues with many certifications and in practice they don't know anything!

Jaqueline Vieira

Jaqueline Vieira

, at 11:36 am Reply

Adílio Silva they should be ashamed to say that they are hiring foreigners, when in Brazil there are professionals who lost their jobs because of the pandemic or who are looking for an opportunity.

Adílio Silva

Adílio Silva

, at 11:43 am Reply

Jaqueline Vieira truth an absurdity!!

Diego Grimon

Diego Grimon

, at 11:57 am Reply

Jaqueline Vieira Which IT professional has lost their job due to the pandemic? To give you an idea of ​​how difficult it is to find people to work, the company where I work pays a bonus of R$500 if you recommend a professional and they are hired.

Braulio Cesar Holtz Ribeiro

Braulio Cesar Holtz Ribeiro

, at 12:11 pm Reply

Adílio Silva the IT area was what grew the most with the pandemic

Adílio Silva

Adílio Silva

, at 12:14 pm Reply

Braulio Cesar Holtz Ribeiro here in Rio de Janeiro the number of unemployed people has grown!!

Braulio Cesar Holtz Ribeiro

Braulio Cesar Holtz Ribeiro

, at 12:21 pm Reply

Adílio Silva Really? I don't know, it's in Rio de Janeiro.
I received several proposals last year and this year, but my area is also programming, so it could be that within IT each area may have had a different performance.
Some companies benefited because of Covid, like iFood, Rappi, companies more in the ecommerce area.
There are also good websites, like geekhunter, I reveal, maybe something will come up there.

Diego Grimon

Diego Grimon

, at 12:27 pm Reply

Adílio Silva what language do you program in?

Joaquim Netto

Joaquim Netto

, at 12:28 pm Reply

Good question.

Amanda Oliveira

Amanda Oliveira

, at 12:38 pm Reply

i doubt

Osvaldo Soares

Osvaldo Soares

, at 1:45 pm Reply

That's why we Brazilians don't understand this attitude at the current time, since there are 14 million of us unemployed and you have this behavior. It's sinister. Each country has its own labor shortage. Invest in Brazilian training and alleviate our suffering...
It's not selfishness, right.....

Edson Luiz Silvestre

Edson Luiz Silvestre

, at 2:36 pm Reply

From 10 to 15 thousand Reais/month? What a biased article! Salaries for professionals in this area are still very low. They're going to lie like that in the devil's house!

Adalberto Tavares

Adalberto Tavares

, at 2:42 pm Reply

There are plenty of qualified workers. If they stopped requiring someone to speak 56 languages, have participated in the Afghan war, have two Nobel Prizes and have been to the Moon, to pay a salary of 1459.53, they think.

Tony Lucas Bezerra

Tony Lucas Bezerra

, at 4:29 pm Reply

Of course, Brazil does not provide many conditions for the poor to study computer science in schools! They don't even have computers. If you want to enter the computer science field, you have to pay for a course at any company in the field, which by the way is very expensive. Here in Brazil, they left the legacy of the Portuguese colony.

Raphael Cunha

Raphael Cunha

, at 6:15 pm Reply

There are plenty of qualified professionals on the market, what they don't have are salaries that are compatible with the vacancies, they require a lot of qualifications for a low salary.

Neylton Oliveira

Neylton Oliveira

, at 6:21 pm Reply

Raphael Cunha seriously, there are plenty of qualified professionals? I think it's good that you really get informed. There are no plenty of qualified professionals and no vacancies with a good salary, especially for technology professionals.

Brendon Souza

Brendon Souza

, at 6:26 pm Reply

Look, the guy is right, there are several, I am one of them, and there are groups and more groups of IT vacancies with people wanting to work, but the salaries are worthy of misery. If you are going to be in a Call center and earn the same as IT, working like a donkey for almost 10 hours, I prefer the 6 hours of a Call center. 💁🏻‍♂️

Neylton Oliveira

Neylton Oliveira

, at 6:32 pm Reply

Brendon Souza i also have a degree in technology, but people think that knowing how to format a computer is enough, but in fact it isn't. The area of ​​information systems or IT is very broad. If you ask an IT professional to work with a database or do some programming in any type of language, he won't know how. In fact, few will know how. Or even if you ask any technology professional to structure a computer network, not just any IT professional will know how. As I told you, anyone can know how to work with a computer's BIOS, but that doesn't mean that person is a qualified IT professional.

André Campana Merétika

André Campana Merétika

, at 6:36 pm Reply

Neylton Oliveira I even think it's valid to know a little about programming to be an IT person, but another problem is that companies want to hire an IT technician and a programmer at the same time. It happened to me and I refused to continue. Miserable salary for not only being a technician, but also having to program the entire company system.

Cleucia Ferreira

Cleucia Ferreira

, at 7:41 pm Reply

I don't believe there is a shortage of workers. They require 1 or 2 years of experience, which is very difficult. They should give people the opportunity to do their job, and then, if necessary, they will take a training course with the company's support.

Nuno Chiu

Nuno Chiu

, at 8:22 pm Reply

Many are in other areas of activity, outside of Brazil.
Unfortunately, it requires many years of experience, many certifications and courses, and many demands for little pay.
This demotivates those who have completed a university degree with experience, and only half-hearted people are left, those who know nothing for the position.
Hiring foreigners who do not know accounting, tax, laws, or labor law will destroy the system built over years.

Ana Adélia

Ana Adélia

, at 8:46 pm Reply

It would cost less if the company provided training for employees and gave opportunities to those who have no experience in the area. This is Brazil.

Anderson William

Anderson William

, at 9:12 pm Reply

This report is very biased. Very low salaries, that's for sure. They write this article to fill up even more professionals and continue to infinitely scrap this sector.

Adriano Nunes

Adriano Nunes

, at 10:01 pm Reply

I am a student at DevMedia, the course is very good, the material is very well explained and easy to understand. The only thing that could be improved is the exercises, because when we make a mistake we have no way of knowing where the mistake was. In this case, it would be good to have the correct answer with an explanation, so we would know where we can fix it. So when I make a mistake in an exercise I am unsure where I went wrong and have to ask for help. However, it is a constructive comment, so that it is perfect.

Jackson Wellington

Jackson Wellington

, at 10:23 pm Reply

Adriano Nunes it's not because you graduated that you are qualified to be a developer, you have to do projects and specialize... Entering the field for money sometimes leads to this

Roberto Igor

Roberto Igor

, at 11:52 pm Reply

Hiring foreigners? The most correct and humane thing to do would be to invest in employee qualifications. Besides, many professionals are more than qualified, but these unfortunate people want to pay 2 thousand reais and have the guy lick his lips, while foreigners are paid much better. Wretched vultures.

Thadeu Gomes

Thadeu Gomes

, at 3:04 am Reply

The problem with companies is that they only want to give opportunities to those who already have experience, knowing that you only have experience with opportunity.

Eva Sateles

Eva Sateles

, at 7:21 am Reply

There are plenty of qualified people, but they don't value professionals, which is why my son left for Ireland three years ago and he doesn't regret it at all. His work is valued there.

Ezequiel Medeiros

Ezequiel Medeiros

, at 7:34 am Reply

earn better than in brazil

Cristiano Rafael

Cristiano Rafael

, at 9:46 am Reply

Technical courses have been abandoned, and today many young people have no interest in becoming professionals. The result is a shortage of labor.
We will have an entire generation with no training in absolutely anything, especially the poorest, since there is a lack of opportunities and also interest.

Vanderlei Silveira

Vanderlei Silveira

, at 11:39 am Reply

This is a reflection of 16 years of left-wing rule in Brazil.!!!

Deusa Veras

Deusa Veras

, at 3:18 pm Reply

Congratulations to the PT's educating homeland!

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