In the News
Cashier-less payment is becoming increasingly popular. In 7-Eleven is bringing cashier-less payments to its stores, Kate Clark at TechCrunch discusses 7-Eleven’s decision to implement a cashier-less payment system called Scan & Pay in many of its store locations. Clark elaborates that customers can use digital payment options such as Apple Pay or their credit card to purchase a wide range of products. Clark explains that this is an attempt for 7-Eleven to compete with current trends in tech and consumer goods.
Our Take
Convenience is the name of the game in today’s society. Customers want a quick experience and 7-Eleven’s new initiative capitalized on this demand. While altering customer experience to include more technology is highly beneficial for many consumers, issues regarding security risks emerge. Digital payment eliminates the need for additional customer thought regarding the cost and transaction of making a purchase. Increasing the frequency of digital payments means more and more purchases are made through a phone or smart devices which has the potential to be hacked, stolen, or lost. Storing financial information on these devices required additional app-specific security measures such as multi-factor authentication to mitigate such risks. It also stresses the importance of tracking your finances.
Recommendations
How can you protect your personal and financial information when using cashier-less payment options?
- Understand the risks of putting your personal information into the world, and only share what you have to
- Track your finances closely to spot abnormal activity before it becomes harmful, reporting such anomalies to your financial institution.
- Stay up to date on current security breaches to see if you may have been impacted