When it was first introduced, I was concerned about the security…if one lose’s (or one’s card is stolen), there is no additional level of security to prevent unauthorised use. The unauthorised use would only cease once the card is reported lost/stolen.
I contacted our bank (Suncorp) at the time to see if we could have our visa debit card without the Paywave function to be told that non-Paywave option was not available and also told about the protection provided by the bank/Visa in relation to unauthorised use.
Since there was no other option that to have the card with Paywave (unless we changed banks hoping that the new bank either did not adopt the technology or had a option for a non-Paywave card…which at the time after a bit of research seemed unlikely), we started using it.
Initially I was concerned about ease of use, including for potentially unauthorised transactions, but have become accustomed to using it for the purchase of items less than $100. We decided to use it because it makes no difference whether you do or not it the card allows Paywave payments.
On our recent travels overseas to Europe, we found that the technology is embraced there as well. Even to the point where often we would insert the card into the reader, for it only to be removed by the checkout operator and then the operator Paywaving our card.
I also believe that touchless/cashless technologies will become more the norm and it is likely other countries who try and follow China which plans to become cashless in coming years. I can see from a regulatory and corruption point of view, there are benefits…however, it also means more data collected and data mining by organisations.