Share to Facebook Share to Twitter Share to Linkedin This photo taken on Aug. 13, 2024 shows the business district at Singapore's Marina Bay. (Photo by .
.. [+] Then Chih Wey/Xinhua via Getty Images) Xinhua News Agency via Getty Images I travel a lot.
And I forget things a lot. Last week I left my payments cards in a hotel safe in Singapore and didn’t realise until I was through security at the airport on the way out of the country. And because of this.
.. well, nothing.
It’s a sign of the times that my life was not affected in the least. No Way? Way! Why didn’t the loss of my cards interrupt my business trip? You already know the answer. It was because I had my phone with me and all of the places that I would be visiting were developed countries where all points of sale have contactless interfaces.
For everything up to the contactless payment limit (eg, coffee with a colleague) it’s just tap and go, and for payments over that limit (eg, dinner with clients) it’s, well, just tap and go. All thanks to the miracle of CDCVM ("customer device cardholder verification method”). If you are not familiar with CDCVM, here’s a quick primer on high-value contactless payments that I wrote a few years ago to explain how authentication options work with the contactless no-CVM (cardholder verification method) limits.
In summary: The no-CVM payment limit (£100 in the UK) is for “tap and go” transactions where there is no PIN, signature or anything else required from the custo.