Comparison of the app versus card readers

Standard credit and debit cards use a standard technology, managed by EMVCo, to allow for both Chip and Pin transactions and contactless payments with card readers and terminals. Card readers therefore include an extra level of security by including the requirement of the customer's security pin for accepting payments. 

E-commerce transactions on the internet allow for card data to be input in forms, and submitted in encrypted form to the payment providers, and, in some instances, include 3D secure which requires a customer password to be input to accept the payments.

SmartTrade app was established as a software payment solution, designed originally for tradesmen, for whom both the customer and address were expected to be known, therefore mitigating, in many instances, the occurrence of credit card fraud. The app was therefore developed as an effective mobile internet payment method, where the credit card data could be scanned and sent encrypted directly from the smartphone. This was complemented with a web-site dashboard to allow card payments to be taken over the telephone and for emails with Paylinks to be sent directly to customers. 

As SmartTrade App is a software company, it is primed to adopt the latest technology.

The next generation in payments is Pay by Bank app and SmartTrade App is the first company to allow merchants to use this as a cheaper, faster and more secure way of taking payments. Our view is that this will supersede card payments, with the number of customers who use mobile banking apps on their phones increasing, as the benefits of increased security for both the merchant and the customer and the significantly reduced cost far outweigh those of standard card payments.

With Touch ID authentication being required by customers to login to mobile banking apps the Pay by Bank app payment method should be significantly more secure than the EMVCo and 3D Secure technology underpinning the card readers and e-commerce transactions where the Security Pin and Passwords can be stolen or hacked.

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