Information Communication Technology ICT – 6 ICT applications | e-Consult
6 ICT applications (1 questions)
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Here's a comparison of the three payment methods:
| Feature | Chip & PIN | Contactless | NFC |
| Security | High - Chip provides strong encryption. PIN adds an extra layer. | Moderate - Tokenized data reduces risk of card number theft. | High - Tokenization and encryption. |
| Speed | Relatively slow - Requires insertion and PIN entry. | Fast - Quick tap-and-go. | Fast - Similar to contactless. |
| Convenience | Less convenient - Requires physical insertion and PIN entry. | Very convenient - Quick and easy to use. | Very convenient - Similar to contactless. |
Chip & PIN offers the highest security due to the chip encryption and PIN requirement. However, it's slower than contactless. Contactless is very convenient and fast, but security relies on tokenization. NFC is essentially a more advanced form of contactless, offering similar speed and convenience with enhanced security through tokenization and encryption.