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A Brief Note On Pay Wave / Pay Pass

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Assessment Task Advice: Research Task
Payment Methods
Question 1-
Pay Wave/ Pay Pass:
PayPass/Paywave is a convenient and faster way to pay for goods under $100 without having to swipe your card as it is contactless. This method of payment requires consumers to hold the card 4cm from the card reader and uses a unique security code for fraud protection.

Advantages:
1. One of the many advantages of using PayWave/PayPass is that this method ensures that your credit card information is no longer accessible to retailers whom you purchase from.
2. As you don’t need to put in a PIN (Personalised Identification Number) or sign a receipt, it is substantially faster payment method as all you need to do is ‘tap and go’ which is cost and time affective.

Disadvantages:
1. A major disadvantage is that consumers are required to have smartphones or have a PayWave/PayPass credit card to use this payment method, which makes this method limited to whom may use it.
2. Another disadvantage is that if a consumer loses their card or smartphone, due to the fact you don’t need to put in a PIN or sign a receipt , anyone can use their cards and make unauthorized transactions.

PayPal:
An electronic commerce company that aids payments between people and companies through online funds transfers. PayPal allows customers to create an account on its website, which is connected to the user 's credit card or bank account.

Advantages:
1. Consumers can use a Paypal account to purchase items, which is
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