After launching a couple of years ago, American Express has gone general availability with its business checking account.

Inside American Express' strategic move into business banking with Gina Taylor - Tearsheet

Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc. ³Eligibility and Benefit level varies ...

Best Credit Cards With No Preset Spending Limit Of 2024 – Forbes Advisor

Fifteen months ago Bilt raised $150 million at a $1.5 billion valuation. It became one of the fastest companies to ever become a 'unicorn'. Now they've raised an additional $200 million at a $3.1 billion valuation.

Bilt Rewards: Former Amex CEO Becomes Chairman, NFL Commissioner Joins Board - View from the Wing

Discover the “once in a lifetime” rule by American Express, limiting welcome offers to once per card, and learn about its application, exceptions and strategies.

American Express 'once in a lifetime' rule

Get the most recent info and news about American Express on HackerNoon, where 10k+ technologists publish stories for 4M+ monthly readers.

American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; expense management products and services; and lifestyle services. The company's products and services also comprise merchant acquisition and processing, servicing and settlement, point-of-sale marketing, and information products and services for merchants; and fraud prevention services, as well as the design and operation of customer loyalty programs. It sells its products and services to consumers, small businesses, mid-sized companies, and large corporations through mobile and online applications, third-party vendors and business partners, direct mail, telephone, in-house sales teams, and direct response advertising. American Express Company was founded in 1850 and is headquartered in New York, New York.

American Express

In this installment of the Developer Spotlight Series, we sat down with Raymond Camden, a Senior Software Engineer and Developer Advocate residing in Lafayette, Louisiana. Raymond has extensive experience in the technology space, having enjoyed stints at IBM, Adobe and AuthO prior to becoming a Senior Engineer for Developer Experience at . Follow Raymond on , or , and enjoy the Q/A. Cosmic JS American Express Twitter GitHub LinkedIn Raymond: I began on an Apple 2e (it may have been the +) back in the 80s. My initial reason was to cheat at games (ask me about hex editing for Bard’s Tale) but after seeing Tron I was really inspired to become a coder. Boy was reality somewhat different… Cosmic JS : When did you first begin building software? The web in general. I’d say mainly and lately with , but I’m passionate about the entire web stack. My favorite editor is Visual Studio Code (although I was a big Brackets fan for a while). When working on the back-end I’ll still use JavaScript and Node.js. What is your preferred development stack? JavaScript Vue I was big into MUD programming (multi-player online text adventure games, think Zork but with multiple players) and I built a framework to enable easier dialog creation and more thematic elements (time passing, etc). The code wasn’t necessarily rocket science, but the end result — enabling more creativity — is something I’m really proud of. What past projects are you most proud of and why? Oh — and I built an app that scans your contacts, finds ones without pictures, and assigns a random cat picture. Yeah, I’m pretty proud of that too. GraphQL for one. A lot of my work involves APIs and GraphQL feels like a real game changer. I’m incredibly excited about serverless and have been (slowly) playing with various different platforms and trying them out. What are some technologies you are excited about or want to learn more about? For web developers, is the absolute best resource for learning, period. I’m a big fan of Node School as well since I like the interactive problem/solving experience. I’m also a big believer in building something that already existed. As programmers we’ve got DRY beaten into our skulls and that obviously makes sense, but when I’m learning a new language or platform, I’ll build somethingvthat already exists, like a blog. That way I’m focused on the *how* of building it and not the *what*. The end result may be thrown away, but it’s a great way to spend more time learning then trying to figure out what to do. Do you have any tips for new developers just starting to code? MDN Web Docs The is dedicated to showcasing developers that are building apps using modern tools. Learn how to . To stay connected with us and . Cosmic JS Developer Spotlight Series Contribute here follow us on Twitter join the conversation on Slack

Developer Spotlight: Raymond Camden of American Express

Edit: Previously I wrote about the "6 Most Popular Vue.js UI Libraries (Vue 3) in 2023". As we are now in 2024, I have revisited the different libraries and updated them for the current year 🎉 Vue.js, a JavaScript framework, has been gaining a lot of attention in recent years due to its simplicity, flexibility, and performance. Also, User Interface (UI) component libraries have become an essential aspect of web development, providing a fast and convenient way to build beautiful and responsive user interfaces. Vue 3 has become the default choice to build modern applications since Vue 2 reached its end of life on December 31, 2023. The need for UI component libraries designed specifically for Vue 3 has risen. In this article, we will take a look at the six most popular Vue.js UI component libraries for 2024, categorized based on their popularity within English and Chinese-speaking communities. I decided to categorize this way because of the massive popularity of Vue.js in China according to an interview with Evan You, the creator of Vue.js, who was born in China and grew up in a city near Shanghai. Moreover, Vue has well-written documents in Chinese. As teams from big companies in China such as Alibaba, Tencent, and Baidu started using Vue.js, all these factors may have contributed to its popularity in the country. Vue-PDF-Viewer: Flexible and Powerful Vue.js PDF Component Just a quick background about what I’m working on. Vue-PDF-Viewer renders the PDF viewer on your Vue or Nuxt websites so that your users can interact with your PDF document without leaving your sites. The component has over 20 features including theme customization, built-in localization, web responsiveness, and more. I would be grateful if you could check Vue-PDF-Viewer out. It will encourage me to make even more content. ❤️‍🔥 English Focused Community 1. Vuetify Vuetify is a popular Vue.js UI component library based on Material Design specifications. It provides over 100 customizable components for creating beautiful and responsive user interfaces. With its modular design, developers can selectively import components, which keeps the bundle size small and improves performance. Additionally, Vuetify integrates seamlessly with Nuxt 3 and features powerful theming capabilities where developers can customize their application style and match it with their brand. As of February 2024, Vuetify has over 38,800 stars (from 37,900 stars in 2023) on GitHub and an average weekly download count of close to 500,000. (The trend line seems to be growing steadily over the years) Learn more at https://vuetifyjs.com Remark: There are still a couple of Vuetify 2 components including calendar, overflow-btn, speed-dial, time-picker, and treeview that are not yet available in Vuetify 3. According to the official Vuetify guide, they will be released by Vuetify Labs when development is completed. 2. Quasar Quasar's UI Components feature 70 high-performance customizable Material Design components and icons of various styles (bootstrap, material, fontawesome, and many more). The documentation is detailed and well thought-out. The library also has pre-built features including animations and functions to handle dates and times. What makes Quasar, founded in 2015, different and stand out from other UI component libraries is that Quasar is not only a UI component library but a dynamic Vue framework. You can develop Vue.js desktop, web, and mobile applications with a single codebase. As the saying goes, write once and use it everywhere. As of February 2024, Quasar has over 25,000 stars (from 24,200 stars in 2023) on GitHub and an average weekly download count of over 100,000. Learn more on https://quasar.dev/ 3. PrimeVue PrimeVue is a sleek Vue.js component library that offers over 90 components and 200+ icons making it one of the most comprehensive libraries in the Vue.js community. It's a lightweight library with exclusive Tailwind CSS integration, enabling developers to build complex enterprise-level applications with ease. PrimeVue is powered by PrimeTek, which serves millions of developers of Fortune 500 companies such as Intel, Nvidia, and American Express, lending it massive credibility in the enterprise space. PrimeVue also features an intuitive API, allowing developers to quickly customize the components to achieve their desired designs. As of February 2024, PrimeVue has over 6,800 stars (from 4,300 stars in 2023) on GitHub and an average weekly download count of over 170,000 (A huge increase from around 100,000 downloads in September 2023). Learn more on https://primevue.org/ Chinese Focused Community 1. Element Plus Element Plus is a community-developed project born from Element UI which supports only Vue 2.X. Due to its predecessor's popularity, it has naturally gained a lot of attention from developers, especially those in China. A TypeScript-based library with a complete type definition, Element Plus is not based on Material Design and has its own distinct UI style which can modified quite easily. Element Plus simplifies component utilization, making the code more maintainable and readable with Vue 3's Composition API. As of February 2024, Element Plus has over 22,600 stars (from 21,300 stars in 2023) on GitHub and an average weekly download count of over 200,000. Learn more at https://element-plus.org/en-US/ 2. Ant Design Vue Ant Design Vue (Antdv) is a popular TypeScript-based UI component library based on Ant Design, a library that was developed for React and was originally created by a team from Alibaba. But it has gained traction in the Vue.js community for its ease of use and its rich feature set. It offers a comprehensive range of components like tree structures, forms, and data visualization components. Similar to Element Plus, Antdv has its own unique UI style. Although it may initially seem daunting to explore its huge sets of UI components and features, once you get the hang of it, Antdv can be a very powerful UI component library for projects of all sizes. As of February 2024, Ant Design Vue has over 19,300 stars (from 18,600 stars in 2023) on GitHub and an average weekly download count of over 80,000. Learn more on https://antdv.com/ 3. Naive UI Naive UI is a TypeScript-based UI component library developed by TuSimple, a Chinese autonomous truck company based in California. It was mentioned by Evan You, the creator of Vue.js, in his Weibo blog back in 2021. Naive UI consists of over 90 components that can be imported to use in your project. Most impressively, all 90+ components can be treeshaken. This means that the component can be imported individually into your application without waste. Documentation of Naive UI is also well-documented and easy to follow. As of February 2024, Naive UI has over 14,800 stars on GitHub and an average weekly download count of over 30,000. Learn more at https://github.com/tusen-ai/naive-ui Special Mention: Nut UI Nut UI is a mobile UI component library that is developed by the Chinese e-commerce giant, JD.com (also known as Jingdong). It provides a JD-style mobile UI component library that is used by JD in production. Nut UI features high-quality UI components that are well-tested (unit test coverage more than 80%). It has clear documentation and supports TypeScript. Furthermore, it provides Sketch design resources for designers to easily create design screens. As of February 2024, Nut UI has over 5,700 stars on GitHub and an average weekly download count of over 3,000. Learn more at https://github.com/jdf2e/nutui/blob/v4/README_EN.md Conclusion In conclusion, Vue.js has gained popularity due to its flexibility, simplicity, and performance. The availability of different UI component libraries has made it easier for developers to build complex and elegant applications at speed with ease. Whether you're building large complex applications or small, highly performant ones, there is always the right Vue.js UI component library suitable for your needs. Vue-PDF-Viewer: Flexible and Powerful Vue.js PDF Component If you feel like this article helped you, please check out Vue-PDF-Viewer. You can customize the PDF viewer component to your theme, add locales, configure panels, and more. Each function has TS and JS codes, unit tests, and interactive demos. With our starter kits, you can start rendering the Vue-PDF-Viewer in minutes. It would encourage me to continue creating even more content. Thank you in advance! 🙏 Edit: Previously I wrote about the "6 Most Popular Vue.js UI Libraries (Vue 3) in 2023". As we are now in 2024, I have revisited the different libraries and updated them for the current year 🎉 Edit: Previously I wrote about the " 6 Most Popular Vue.js UI Libraries (Vue 3) in 2023 ". As we are now in 2024, I have revisited the different libraries and updated them for the current year 🎉 6 Most Popular Vue.js UI Libraries (Vue 3) in 2023 Vue.js, a JavaScript framework, has been gaining a lot of attention in recent years due to its simplicity, flexibility, and performance. Also, User Interface (UI) component libraries have become an essential aspect of web development, providing a fast and convenient way to build beautiful and responsive user interfaces. Vue 3 has become the default choice to build modern applications since Vue 2 reached its end of life on December 31, 2023. The need for UI component libraries designed specifically for Vue 3 has risen. In this article, we will take a look at the six most popular Vue.js UI component libraries for 2024, categorized based on their popularity within English and Chinese-speaking communities. I decided to categorize this way because of the massive popularity of Vue.js in China according to an interview with Evan You, the creator of Vue.js, who was born in China and grew up in a city near Shanghai. an interview Moreover, Vue has well-written documents in Chinese. As teams from big companies in China such as Alibaba, Tencent, and Baidu started using Vue.js, all these factors may have contributed to its popularity in the country. Vue-PDF-Viewer: Flexible and Powerful Vue.js PDF Component Just a quick background about what I’m working on. Vue-PDF-Viewer renders the PDF viewer on your Vue or Nuxt websites so that your users can interact with your PDF document without leaving your sites. The component has over 20 features including theme customization, built-in localization, web responsiveness, and more. Vue-PDF-Viewer I would be grateful if you could check Vue-PDF-Viewer out. It will encourage me to make even more content. ❤️‍🔥 Vue-PDF-Viewer English Focused Community 1. Vuetify Vuetify is a popular Vue.js UI component library based on Material Design specifications. It provides over 100 customizable components for creating beautiful and responsive user interfaces. With its modular design, developers can selectively import components, which keeps the bundle size small and improves performance. Additionally, Vuetify integrates seamlessly with Nuxt 3 and features powerful theming capabilities where developers can customize their application style and match it with their brand. As of February 2024, Vuetify has over 38,800 stars (from 37,900 stars in 2023) on GitHub and an average weekly download count of close to 500,000. (The trend line seems to be growing steadily over the years) trend line Learn more at https://vuetifyjs.com https://vuetifyjs.com Remark: There are still a couple of Vuetify 2 components including calendar, overflow-btn, speed-dial, time-picker, and treeview that are not yet available in Vuetify 3. According to the official Vuetify guide, they will be released by Vuetify Labs when development is completed. Remark: There are still a couple of Vuetify 2 components including calendar, overflow-btn, speed-dial, time-picker, and treeview that are not yet available in Vuetify 3. According to the official Vuetify guide, they will be released by Vuetify Labs when development is completed. 2. Quasar Quasar's UI Components feature 70 high-performance customizable Material Design components and icons of various styles (bootstrap, material, fontawesome, and many more). The documentation is detailed and well thought-out. The library also has pre-built features including animations and functions to handle dates and times. What makes Quasar, founded in 2015, different and stand out from other UI component libraries is that Quasar is not only a UI component library but a dynamic Vue framework. You can develop Vue.js desktop, web, and mobile applications with a single codebase. As the saying goes, write once and use it everywhere. As of February 2024, Quasar has over 25,000 stars (from 24,200 stars in 2023) on GitHub and an average weekly download count of over 100,000. Learn more on https://quasar.dev/ https://quasar.dev/ 3. PrimeVue PrimeVue is a sleek Vue.js component library that offers over 90 components and 200+ icons making it one of the most comprehensive libraries in the Vue.js community. It's a lightweight library with exclusive Tailwind CSS integration, enabling developers to build complex enterprise-level applications with ease. PrimeVue is powered by PrimeTek, which serves millions of developers of Fortune 500 companies such as Intel, Nvidia, and American Express, lending it massive credibility in the enterprise space. PrimeVue also features an intuitive API, allowing developers to quickly customize the components to achieve their desired designs. As of February 2024, PrimeVue has over 6,800 stars (from 4,300 stars in 2023) on GitHub and an average weekly download count of over 170,000 ( A huge increase from around 100,000 downloads in September 2023). A huge increase Learn more on https://primevue.org/ https://primevue.org/ Chinese Focused Community 1. Element Plus Element Plus is a community-developed project born from Element UI which supports only Vue 2.X. Due to its predecessor's popularity, it has naturally gained a lot of attention from developers, especially those in China. A TypeScript-based library with a complete type definition, Element Plus is not based on Material Design and has its own distinct UI style which can modified quite easily. Element Plus simplifies component utilization, making the code more maintainable and readable with Vue 3's Composition API. As of February 2024, Element Plus has over 22,600 stars (from 21,300 stars in 2023) on GitHub and an average weekly download count of over 200,000. Learn more at https://element-plus.org/en-US/ https://element-plus.org/en-US/ 2. Ant Design Vue Ant Design Vue (Antdv) is a popular TypeScript-based UI component library based on Ant Design, a library that was developed for React and was originally created by a team from Alibaba. But it has gained traction in the Vue.js community for its ease of use and its rich feature set. It offers a comprehensive range of components like tree structures, forms, and data visualization components. Similar to Element Plus, Antdv has its own unique UI style. Although it may initially seem daunting to explore its huge sets of UI components and features, once you get the hang of it, Antdv can be a very powerful UI component library for projects of all sizes. As of February 2024, Ant Design Vue has over 19,300 stars (from 18,600 stars in 2023) on GitHub and an average weekly download count of over 80,000. Learn more on https://antdv.com/ https://antdv.com/ 3. Naive UI Naive UI is a TypeScript-based UI component library developed by TuSimple, a Chinese autonomous truck company based in California. It was mentioned by Evan You, the creator of Vue.js, in his Weibo blog back in 2021. Naive UI consists of over 90 components that can be imported to use in your project. Most impressively, all 90+ components can be treeshaken . This means that the component can be imported individually into your application without waste. Documentation of Naive UI is also well-documented and easy to follow. treeshaken As of February 2024, Naive UI has over 14,800 stars on GitHub and an average weekly download count of over 30,000. Learn more at https://github.com/tusen-ai/naive-ui https://github.com/tusen-ai/naive-ui Special Mention: Nut UI Nut UI is a mobile UI component library that is developed by the Chinese e-commerce giant, JD.com (also known as Jingdong). It provides a JD-style mobile UI component library that is used by JD in production. JD.com Nut UI features high-quality UI components that are well-tested (unit test coverage more than 80%). It has clear documentation and supports TypeScript. Furthermore, it provides Sketch design resources for designers to easily create design screens. As of February 2024, Nut UI has over 5,700 stars on GitHub and an average weekly download count of over 3,000. Learn more at https://github.com/jdf2e/nutui/blob/v4/README_EN.md https://github.com/jdf2e/nutui/blob/v4/README_EN.md Conclusion In conclusion, Vue.js has gained popularity due to its flexibility, simplicity, and performance. The availability of different UI component libraries has made it easier for developers to build complex and elegant applications at speed with ease. Whether you're building large complex applications or small, highly performant ones, there is always the right Vue.js UI component library suitable for your needs. Vue-PDF-Viewer: Flexible and Powerful Vue.js PDF Component If you feel like this article helped you, please check out Vue-PDF-Viewer . You can customize the PDF viewer component to your theme, add locales, configure panels, and more. Each function has TS and JS codes, unit tests, and interactive demos. With our starter kits, you can start rendering the Vue-PDF-Viewer in minutes. Vue-PDF-Viewer Vue-PDF-Viewer It would encourage me to continue creating even more content. Thank you in advance! 🙏

⚡️ 6 Vue.js UI Libraries (Vue 3) That Are Trending in 2024 🔥

The adoption of digital technology has probably reached an all-time high, with the rapid transformation of business processes and services from non-digital to digital. According to recent studies, global spending on digital transformation is expected to hit $3.4 trillion by 2026. It has also been forecasted that the United States will account for 35% of this global spending and could pass the $1 trillion mark in 2025. Several technology leaders have taken lead roles in bringing about this much-needed change in America. Naga Simhadri Apparao Polireddi, an expert in secure web chatbots and web development, has made remarkable contributions through his path-breaking innovations. He is highly rated for his knowledge and expertise in designing AI/ML language models, developing rules using Natural Language Processing (NLP), and creating chatbot applications with technologies such as NodeJS, Java/J2EE, Python Machine Learning (ML) libraries, Dialog flow, TensorFlow, ECMAScript 6, Amazon Web Services (AWS), and Spring Boot Microservices. A Bachelor of Technology in Computer Science and Engineering and a Master of Computer Science from Arizona State University (ASU), Polireddi started his illustrious career in 2002 as an Assistant Professor at Sree Dattha Institute of Engineering & Science College, Hyderabad, India. In the earlier part of his career, he also worked with Hewlett-Packard Global soft (hp), Wipro Technologies, and Infinite Computer Solutions as a Software Developer/ Java Technical Leader. As part of a multi-million-euro collaboration between TATA Consultancy Services (TCS) and Nokia Siemens Networks, Polireddi served as an Assistant Consultant at TATA Consultancy Services from 2010 to 2012, stationed at the client location of Nokia Siemens Networks in Lisbon, Portugal. He conducted a review of the architecture of the Nokia product NetAct and identified defects, including mismatched network element names in the network element Drop-down menu, incorrect passing of Network element code while submitting network element personalization software to the network, and refresh issue of network element alarms.  He was also involved in the development of the NetAct File-Based CM Events module utilizing Java technology. From 02/2012 to 03/2013, Polireddi was part of Saudi Telecommunication Company's (STC) project IRB (infinys rating and billing) upgrade aimed to upgrade its billing operations to new technologies in the core area of GSM and 4G business using 1RB5.1.7 and Billing and Rating management application (BRM) software package from Netcracker Technology Corp. This upgrade helped Saudi Telecommunication Company (STC) gain a customer-focused, service management approach to their operational processes, enabling them to automate and integrate their order fulfillment, customer service management, and billing functions across multiple product and service offerings while reducing the operational cost of USD 2.5M. As part of a TCS project,  Polireddi also served Singapore Airlines from March 2013 to June 2015, undertaking the design and development of a customized solution for the company's Amadeus Altéa product by developing the PODS (Passenger Operational Data distributed System) module. Utilizing his knowledge of airline domain and IOS Web development technologies, he developed a tablet-based CrewCollab product for Singapore Airlines, which was later sold by TCS to clients worldwide. Some of Polireddi’s most important projects were executed during his tenure with Cognizant, serving American Express. From 06/2017 – 08/2018, he handled the American Express Instant “Member Card Number” project, which led to the creation of a first-of-its-kind solution for the credit card industry. Following this game-changing project, American Express customers were provided with an instant membership, contributing to an increase in spending with a business value exceeding $20 million. From 05/2019 until 01/2022, Polireddi worked as the Software Architect for the American Express "Rubiks and Gambit" project, which aimed to introduce a "no negative credit impact" in the card application process. This allows prospective cardholders to submit an application for a credit card and find out if they’re approved before undergoing a hard credit check. Unlike hard credit checks, this soft credit check approval feature has no impact on the applicant’s credit score. With the live implementation of this project, American Express achieved a projected revenue gain of $211 Million. Presently working with IKON Tech Services, Polireddi has designed an AI Chatbot for American Express apply website. This chatbot is capable of streamlining operational processes and improving user experience by facilitating immediate response to user queries, effectively handling high-volume interactions, and ultimately expediting credit card acquisitions for American Express. Following this development, over 90,000 conversations were held over the 90 days while reducing operational costs by 30%. Polireddi's current project for Verizon features the introduction of a groundbreaking GPS solution known as Hyper Precise Location (HPL) using Real-Time Kinematics (RTK). This technology ensures location accuracy within one to two centimeters on the Verizon 5G network, which is crucial for autonomous vehicles and high-definition (HD) maps. The project involved seamless integration of AWS cloud solutions with Node.js application deployment practices, garnering attention from multiple Fortune 500 clients for Verizon. “I strongly believe that secure web chatbots have the potential to become the primary channel for customer service in years to come. The combination of NLP and ML has enabled chatbots to understand conversations more intelligently, comprehend the nuances of query intention, and improve their accuracy in executing commands, even in technical situations,” said Polireddi. “It is a matter of great pride for me to be able to utilize my knowledge and wisdom in building a digitally transformed America.” References: https://explodingtopics.com/blog/digital-transformation-stats Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR. The adoption of digital technology has probably reached an all-time high, with the rapid transformation of business processes and services from non-digital to digital. According to recent studies, global spending on digital transformation is expected to hit $3.4 trillion by 2026. It has also been forecasted that the United States will account for 35% of this global spending and could pass the $1 trillion mark in 2025. Several technology leaders have taken lead roles in bringing about this much-needed change in America. Naga Simhadri Apparao Polireddi, an expert in secure web chatbots and web development, has made remarkable contributions through his path-breaking innovations. He is highly rated for his knowledge and expertise in designing AI/ML language models, developing rules using Natural Language Processing (NLP), and creating chatbot applications with technologies such as NodeJS, Java/J2EE, Python Machine Learning (ML) libraries, Dialog flow, TensorFlow, ECMAScript 6, Amazon Web Services (AWS), and Spring Boot Microservices. A Bachelor of Technology in Computer Science and Engineering and a Master of Computer Science from Arizona State University (ASU), Polireddi started his illustrious career in 2002 as an Assistant Professor at Sree Dattha Institute of Engineering & Science College, Hyderabad, India. In the earlier part of his career, he also worked with Hewlett-Packard Global soft (hp), Wipro Technologies, and Infinite Computer Solutions as a Software Developer/ Java Technical Leader. As part of a multi-million-euro collaboration between TATA Consultancy Services (TCS) and Nokia Siemens Networks, Polireddi served as an Assistant Consultant at TATA Consultancy Services from 2010 to 2012, stationed at the client location of Nokia Siemens Networks in Lisbon, Portugal. He conducted a review of the architecture of the Nokia product NetAct and identified defects, including mismatched network element names in the network element Drop-down menu, incorrect passing of Network element code while submitting network element personalization software to the network, and refresh issue of network element alarms.  He was also involved in the development of the NetAct File-Based CM Events module utilizing Java technology. From 02/2012 to 03/2013, Polireddi was part of Saudi Telecommunication Company's (STC) project IRB (infinys rating and billing) upgrade aimed to upgrade its billing operations to new technologies in the core area of GSM and 4G business using 1RB5.1.7 and Billing and Rating management application (BRM) software package from Netcracker Technology Corp. This upgrade helped Saudi Telecommunication Company (STC) gain a customer-focused, service management approach to their operational processes, enabling them to automate and integrate their order fulfillment, customer service management, and billing functions across multiple product and service offerings while reducing the operational cost of USD 2.5M. As part of a TCS project,  Polireddi also served Singapore Airlines from March 2013 to June 2015, undertaking the design and development of a customized solution for the company's Amadeus Altéa product by developing the PODS (Passenger Operational Data distributed System) module. Utilizing his knowledge of airline domain and IOS Web development technologies, he developed a tablet-based CrewCollab product for Singapore Airlines, which was later sold by TCS to clients worldwide. Some of Polireddi’s most important projects were executed during his tenure with Cognizant, serving American Express. From 06/2017 – 08/2018, he handled the American Express Instant “Member Card Number” project, which led to the creation of a first-of-its-kind solution for the credit card industry. Following this game-changing project, American Express customers were provided with an instant membership, contributing to an increase in spending with a business value exceeding $20 million. From 05/2019 until 01/2022, Polireddi worked as the Software Architect for the American Express "Rubiks and Gambit" project, which aimed to introduce a "no negative credit impact" in the card application process. This allows prospective cardholders to submit an application for a credit card and find out if they’re approved before undergoing a hard credit check. Unlike hard credit checks, this soft credit check approval feature has no impact on the applicant’s credit score. With the live implementation of this project, American Express achieved a projected revenue gain of $211 Million. Presently working with IKON Tech Services, Polireddi has designed an AI Chatbot for American Express apply website. This chatbot is capable of streamlining operational processes and improving user experience by facilitating immediate response to user queries, effectively handling high-volume interactions, and ultimately expediting credit card acquisitions for American Express. Following this development, over 90,000 conversations were held over the 90 days while reducing operational costs by 30%. Polireddi's current project for Verizon features the introduction of a groundbreaking GPS solution known as Hyper Precise Location (HPL) using Real-Time Kinematics (RTK). This technology ensures location accuracy within one to two centimeters on the Verizon 5G network, which is crucial for autonomous vehicles and high-definition (HD) maps. The project involved seamless integration of AWS cloud solutions with Node.js application deployment practices, garnering attention from multiple Fortune 500 clients for Verizon. “I strongly believe that secure web chatbots have the potential to become the primary channel for customer service in years to come. The combination of NLP and ML has enabled chatbots to understand conversations more intelligently, comprehend the nuances of query intention, and improve their accuracy in executing commands, even in technical situations,” said Polireddi. “It is a matter of great pride for me to be able to utilize my knowledge and wisdom in building a digitally transformed America.” References: References: https://explodingtopics.com/blog/digital-transformation-stats https://explodingtopics.com/blog/digital-transformation-stats https://explodingtopics.com/blog/digital-transformation-stats Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR. Vested Interest Disclosure: This author is an independent contributor publishing via our business blogging program . HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR. Vested Interest Disclosure: business blogging program business blogging program

Expert Pioneers Innovations in Secure Web Chatbots and Development Amid Digital Transformation

ডিজিটাল ট্রান্সফর্মেশনের মধ্যে নিরাপদ ওয়েব চ্যাটবট এবং বিকাশে বিশেষজ্ঞ অগ্রগামী উদ্ভাবন

Experte leistet Pionierarbeit bei Innovationen für sichere Web-Chatbots und der Entwicklung im Zuge der digitalen Transformation

Expertos pioneros en innovaciones en chatbots web seguros y desarrollo en medio de la transformación digital

Un expert pionnier des innovations en matière de chatbots Web sécurisés et de développement dans le contexte de la transformation numérique

डिजिटल परिवर्तन के बीच सुरक्षित वेब चैटबॉट और विकास में विशेषज्ञ अग्रणी नवाचार

デジタル変革の真っ只中、専門家が安全なウェブチャットボットと開発の革新を先導

디지털 혁신 속에서 보안 웹 챗봇 및 개발 혁신을 선도하는 전문가

Especialistas são pioneiros em inovações em chatbots seguros na Web e desenvolvimento em meio à transformação digital

Эксперты-пионеры инноваций в области безопасных веб-чат-ботов и развития в условиях цифровой трансформации

Güvenli Web Sohbet Robotları ve Dijital Dönüşümün Ortasında Geliştirme Konusunda Uzman Öncü Yenilikler

Chuyên gia tiên phong đổi mới trong phát triển và trò chuyện trên web an toàn trong bối cảnh chuyển đổi kỹ thuật số

专家率先在安全网络聊天机器人领域进行创新，并在数字化转型中不断发展

At a time when the Global Tech sector is facing stagnant growth and employees are facing job losses, the Indian tech industries are booming. Recently, a Mumbai-based Identification verification startup, IDfy, raised 27 million dollars in total primary and secondary funding from top firms like Elev8 Venture Partners, KB Investment, and Tenacity Ventures. On its LinkedIn page, IDfy claims to "help enterprises eliminate fraud and establish trust using tech-powered products and solutions for KYC, KYB, Background Verification, Risk Mitigation, Digital Onboarding and Digital Privacy." IDfy is a top Indian identity verification company that provides services to help other organizations like banks and e-commerce sites verify a person's identity. They are crucial for preventing fraud and theft. While applying for EMIs through certain services, we are often asked to take a picture of ourselves after entering details like Aadhar's card number and account number. The picture that is taken is then compared to the picture on the Aadhar card servers to make sure the person applying is genuine and not a fraud. This complex process is carried out by services like IDfy. The funds raised by the company will be used in its expansion programs and product development to provide a better experience for the users, the company said in a statement on Wednesday, 6th March 2024. "Investment from Elev8 and Tenacity is a strong validation of our vision and capabilities. IDfy’s mission is to eliminate fraud and establish trust," said Ashok Hariharan, co-founder and chief executive of IDfy. IDfy was founded in 2011 by Vineet Jawa and Ashok Hariharan. Since then, it has grown to become one of the major players in the field of risk management both nationally and internationally. IDfy provides crucial services to India's top companies, including but not limited to KYC, KYB, background checks, risk mitigation, digital onboarding, and privacy solutions. The company has a big list of clients that includes HDFC Bank, AxisBank, Zomato, PhonePe, Paytm, Hindustan Unilever Ltd, and American Express, managing over 60 million verifications monthly. It also provides its services to millions of users in the international markets. In a statement, Elev8 said it was drawn to IDfy's strong leadership team, its product-centric approach, and its alignment with India's digitization story. “The COVID-19 pandemic accelerated the adoption of cloud-based services, driving a surge in digitization and a shift in consumer behavior. This, coupled with the supportive regulatory environment fostered by the India Digital Stack initiative, creates a fertile ground for IDfy's continued growth." “We have known Ashok and IDfy for several years and are impressed with how they have built great products and a great brand. We believe that trust platforms from India will scale internationally, and IDfy can compound meaningfully with these global tailwinds. We look forward to a fruitful partnership with the management team to build IDfy in its next phase of growth," added Rohit Razdan, managing Director of Tenacity Ventures. The company plays a major role in one of the most important sectors in India, making life easier for millions of Indian and international customers. As of 2021, the company is valued at 66.9 million dollars. It has brought significant investments to India and sets a major example of showing the unstoppable growth of India and the potential of talented Indians who are only limited by their creative minds. Also published here

Mumbai-based Identity Verification Startup IDfy Raises $27M Amid Indian Tech Boom

Convincing someone to pay you money is hard. There are thousands, if not tens of thousands, of companies, products, and consultants who will sell you something that claims to help you make more money. Some of these products/methods might work, some only in certain scenarios, and some are snake oil. It's really hard to tell which is which without experience. From my experience, hands down the easiest way to make more money as a business is to find the people who are already trying to pay you and make it easier for them. For 99% of subscription companies, the place to start is getting better at payment processing. A Quick Primer: Payment processing is everything that happens after someone has entered their payment info on your checkout page and clicked submit. A surprising number of companies lose 10%+ of their monthly revenue due to payment issues. To understand how to improve your payment processing, it helps to orient yourself in this world. The major players are: Gets a credit or debit card from a bank and uses it to pay for things. These are your customers. Cardholders: A business that takes card payments for stuff. This is you. Merchants: Handles merchant accounts and lets merchants put money from card payments into their accounts. Merchant Banks: Companies that process card transactions & connect merchants, banks, card networks, and others to make card payments work. Payment Processors: Places that give out cards to people. Issuing Banks: In charge of card rules and rates, handle things between banks. Card Associations (Visa, Mastercard, Discover, American Express): You can visualize the world like this: Why This Matters: Fraud Models, Account Balances, Cards Understanding the details of each step isn't critical, but a general picture helps you understand why the optimizations work so well. Subscription businesses, by nature, do a lot of payment processing as they collect the value from customers incrementally over time. Instead of $120 upfront, most subscription businesses will collect $10 monthly for 12 months. While this has a lot of benefits, such as making products more affordable to consumers, raising conversion, etc., the big downside of this is that there is a 12x increase in the likelihood that something will go wrong and you will lose money. Pitfall #1: False Positives in Risk Models Because of the legal liability and amount of money flowing through the payments universe, each one of these steps will have an ML-based risk model that seeks to protect whoever is on the hook for that step of the transaction from fraud. All models have a false positive rate, meaning they will flag something that is legitimate as fraud and block the transaction. For the sake of argument, let's assume that there are five major steps in processing that each step uses a model that is 99.5% accurate at identifying fraud. You might be thinking that a .05% false positive rate isn't so bad, but you have to remember that each of the five steps has a 0.5% error rate, so that would be: Total False Positives = 1 - (1 - 0.005) * (1 - 0.005) * (1 - 0.005) * (1 - 0.005) * (1 - 0.005) = 0.024875 or ~2.48% Losing almost 2.5% of your recurring revenue monthly would be very bad, especially if it can be avoided. Pitfall #2: Lack of Balance on Cards To complete a transaction, your processor must validate that your user has the month to cover the transaction. Not that they are "generally good for it" or that they might have the money soon.  They need to have the money right now. When you consider the realities of personal finance, that people get paid at different times, their spending habits vary, and these balances will fluctuate. Your user might get paid on the 15th, but you tried to charge them on the 11th, and the card didn't have enough money. Unless you have an auto-retry set-up, your billing system might mark this user as "failed payment," and you'll lose them forever. Pitfall #3: Expired Cards & Changing The big irony about subscription businesses is that the better you are at extending the LTV of your customers, the more payment issues you'll encounter. The longer you charge someone, the more you'll have to deal with expiring cards and changing numbers. The average credit card in the US expires every 3-5 years.  If you are selling mostly annual plans (which should be your goal), you might only get 2 charges for a customer before the number changes. This is especially painful as annual plans are likely your best customers. So What Should You Do With This Information? Payments are a very deep rabbit hole to go down, and what you should be doing depends on where you are as a company. As companies get larger, they throw more and more resources at collecting payments as it is effectively free money that's there for the taking. What you should be doing depends on where you are as a company, but this is the normal trajectory of tactics and tooling. Step 1: Collecting Money At All To collect anything, you need to have a payment processor set up. For most US-based companies, that typically means Stripe. It's a solid product and has a lot of out-of-the-box functionality that is either free or very low cost.  Set it up, configure your plans, and start charging. As of August 2023, they are releasing a set of that you should enable: ​revenue recovery features​ Auto Retry Failed Payments - Stripe comes out of the box with an Auto Retry feature, which you can set manually to try again every 1, 3, 5, or 7 days. This is better than doing nothing and should be enabled for all accounts. ML-Based Dunning - This is like Auto Retry's big brother, where Stripe's algorithm is trying to guess when a card will have a balance on it. Based on the last prices I saw, you'll pay another 0.3% per transaction, but this was well worth it for most companies I work with.  Do the math yourself, but I guess it will also be for you. I would also set this as aggressively as possible within a 30-day window. Update Payment Method Emails - When a card expires or fails, Stripe will email them asking them to update the card or risk losing access. I find it worth it to put a little effort into these emails and ensure you send enough of them right after the payment fails. Step 2: A Second Processing Gateway Certain payment gateways are more effective at successfully charging people in certain countries. Gateways that are good for users within the US will not perform as well in places like Asia, India, and vice versa. If you ask a payment gateway whether they are strong in a certain country, they will always say yes. Don't believe them.   Ask around for similar companies in your industry and ask the subscription management companies if you can see benchmark data. They are more impartial. Your second gateway should cover users in the part of the world where your first gateway is terrible at charging cards. For most US-based companies, starting with Stripe, PayPal is typically the next payment gateway added. It's generally good where Stripe is weak. If you are based in India, and your first option was something like PayTM, maybe Adyen is your next move so you can charge users who are based in Europe more successfully. I have also heard anecdotally that having a legal entity & bank accounts in the same country, you're trying to process cards in helps. I have never seen this work firsthand, but you should ask your gateways if this is true before going through the work to set up entities and bank accounts. Step 3: Subscription Management Platforms Now that you have two gateways, this hopefully allows you to collect more money but also introduces new headaches. You need to manage pricing packages in two locations, settings in two locations, customer data in two locations, and having a centralized view of your revenue will be harder. This is why subscription management platforms exist, and products like Recurly, Chargbee, and Paddle start to make sense. They will let you set up everything in one place and have all gateways follow those settings. How much do these cost? A stupid amount of money, but they are probably worth it. They allow you to use the same revenue recovery features that Stripe has and see the benefit across all gateways. Alternatively, you can build this functionality yourself, which will allow you to customize exactly what happens. Still, you probably need at least two engineers to build & maintain this full-time, so you'll probably save money by buying this to start. Step 4: Adding Additional Gateways & A/B Testing Impact Now that you have multiple gateways set up, you can try to find out which countries it makes sense to install a 3rd, 4th, or 5th gateway and A/B test the impact. Last I checked, the subscription management tools don't have A/B as an out-of-the-box feature, but I recommend testing the impact and being confident that you're making the right call. When I was at Codecademy, we ran these tests and couldn't reach significance when we were charging around $50M per year.   I would guess that you need to be doing between $50-$100M ARR for this to be worth it. These tests were not cheap to set up and took a long time to run, so I would wait until a company is reasonably mature to test this tactic. Step 5: The Fancy Stuff Past this stage, companies start to get creative with any way to prevent transactions from failing. They cut data partnerships with credit card providers to ensure they know the new card number you'll be issued after your last card expires. AAA, the Road Side Assistance company in the US, left me three voicemails when I didn't update my credit card for a $ 99-a-year membership. They can likely afford this as most members will be around for ten years, so any effort to prevent accidental churn is worth it. If you have ever added an invalid payment method on Amazon, you'll notice that you never get an error on the site. Instead, you get an email a few minutes later asking you to update your payment method. This is because: Amazon is trying your payment method across multiple payment gateways to see if they can find one that will accept it Users are probably more likely to update a payment method for something they think is already on the way than they are to try a second credit card after their initial transaction is declined. They probably have 50 engineers working on this space full-time, but with their sales volume, it is worth it.

Payment Processing 101: The Easiest Way to Increase MRR

In today's rapidly evolving digital landscape, has emerged as a formidable force, reshaping business operations worldwide. enterprise blockchain suggest that the global market for enterprise blockchain is projected to reach $21.07 billion by 2025, reflecting an impressive CAGR of 57.6% from 2020. This surge isn't merely a testament to its technological prowess but speaks volumes about its potential to streamline operations, bolster security, and enhance transparency. Recent reports Leading organizations, from , are already harnessing this technology to drive efficiency and foster trust among stakeholders. underscored this momentum, revealing that 55% of senior executives view blockchain as a top strategic priority. Walmart to Maersk Deloitte's 2020 survey The reason? Its unparalleled capability to usher in a new era of decentralized, transparent, and immutable business operations. Considering these compelling statistics and the undeniable paradigm shift that enterprise blockchain brings, let's delve deeper into understanding its types, use cases, and more. Enterprise Blockchain: A Paradigm Shift in Business Operations The advent of blockchain technology has ushered in an era of transparency, immutability, and decentralized control, and nowhere is this impact more pronounced than in the enterprise sector. At its core, an enterprise blockchain is a distributed ledger tailored for corporate solutions, ensuring data security, enhancing operational efficiency and fostering trust among stakeholders. Unlike public blockchains, where anyone can participate and validate transactions (like Bitcoin or Ethereum), enterprise blockchains are typically permissioned. This means only authorized entities can join the network, ensuring confidentiality and scalability - paramount for business operations. **There are three primary types of enterprise blockchains: Public Blockchain Public blockchain epitomizes digital decentralization. Open to all, they operate transparently without centralized oversight, ensuring data immutability and security. Pioneered by platforms like Bitcoin and Ethereum, these trustless ecosystems enable peer-to-peer transactions, challenging traditional intermediaries and reshaping the contours of digital trust. Private Blockchains Exclusive to a single organization. They offer the highest level of security and control but may lack some of the decentralization benefits. Financial institutions often favor this model due to its regulatory compliance capabilities. Consortium Blockchains Governed by a group rather than a single entity. They strike a balance between decentralization and control, often used by banking consortiums to streamline cross-border payments. Hybrid Blockchains Merging the best of public and private chains, they offer flexibility, ensuring transparency where needed and privacy where essential. As businesses navigate the digital age, enterprise blockchains present a transformative solution, redefining how organizations operate and transact in an interconnected global economy. The onus is now on forward-thinking leaders to leverage this technology, ensuring a competitive edge and future readiness. Use-Cases of Enterprise Blockchain Supply Chain Management – Walmart In today's era where consumers demand transparency, Walmart's adoption of IBM's blockchain platform stands as a testament to progressive thinking. By ensuring product traceability, they've not only fortified food safety but also bolstered consumer trust. By tracking a product's journey, from farm to fork, blockchain reduces contamination risks and the associated economic losses. In an age where brand loyalty can be fragile, this initiative elevates Walmart's commitment to its consumers. Cross-Border Payments – Ripple Financial transactions across borders have historically been slow and expensive. RippleNet’s solution, adopted by leading banks, exemplifies the democratization of finance.\ By minimizing intermediaries, costs plummet and transaction speeds soar. It's a testament to how blockchain can redefine traditional systems, making them more equitable and efficient. Trade Finance – Maersk and IBM Global trade, despite its scale, has been mired in paperwork and bureaucracy. Maersk and IBM's TradeLens, by leveraging blockchain, acts as a beacon of modernization. Beyond mere efficiency, it offers real-time access to shipment data, fostering trust among stakeholders and even reducing global trade barriers. Identity Verification – Microsoft Personal data breaches have become distressingly frequent. Microsoft’s ION project on the Bitcoin blockchain champions user privacy and security. By decentralizing identity verification, it hands control back to individuals, reflecting a shift towards a more user-centric digital ecosystem. Real Estate Transactions – Propy Property transactions, often rife with red tape and fraud, are transformed by Propy. Its blockchain platform not only ensures transparent and secure property transfers but also democratizes access to global real estate markets. This innovation heralds a future where property ownership is both streamlined and globalized. (Also Read- ) NFT Real Estate: Redefining Property Ownership in the Digital Age Healthcare Data Management – Guardtime The sanctity of health records cannot be overstated. Guardtime leverages blockchain to enshrine this sanctity, ensuring data integrity while allowing patients more autonomy over their information. In a sector where trust is paramount, blockchain emerges as a vanguard of patient rights and data security. Loyalty Programs – American Express American Express's blockchain-driven rewards system reimagines customer engagement. By facilitating real-time, personalized offers, it enhances user experience, driving brand loyalty in a competitive market. It's a reflection of how blockchain can be harnessed to cater to evolving consumer expectations. Insurance Claims – AXA The insurance sector, often criticized for its opacity, witnessed a revolution with AXA's "Fizzy". By automating compensation for flight delays, it eliminates bureaucratic hurdles, fostering customer goodwill. It showcases the potential of blockchain to redefine customer service benchmarks. (Also Read- ) AI-Driven Insurance Enterprises – All Set to Break Records Intellectual Property – Sony In the digital age, intellectual property rights are often infringed upon. Sony’s blockchain initiative stands as a bulwark against such infringements, ensuring creators receive their due recognition and remuneration. It underscores the potential of blockchain to safeguard the rights of creators in a digital landscape. Audit & Assurance – Deloitte Financial audits ensure corporate accountability. Deloitte's blockchain foray elevates this assurance by offering immutable, transparent financial records. It exemplifies the future of corporate governance, where transparency isn't just a virtue, but a norm. In essence, blockchain's enterprise applications are not mere technological shifts; they represent a broader movement toward transparency, efficiency, and democratization across sectors. Readers and businesses alike would be well-advised to take note and consider how they might also harness this transformative technology. Conclusion: The trajectory of enterprise blockchain from a mere technological innovation to a cornerstone of modern business solutions is nothing short of remarkable. Its application, from supply chain management to cross-border payments, underscores a broader movement towards a transparent, decentralized, and efficient business landscape. As we've navigated the intricacies of enterprise blockchain, one thing becomes abundantly clear: it's not just a fleeting trend but a transformative force that will shape the future of business operations. Organizations, irrespective of their scale or domain, would be well-advised to consider potential, ensuring they remain at the forefront of the digital revolution. their How Can Debut Infotech Enhance Your Blockchain Initiatives for Enterprise? Designing and deploying a sophisticated enterprise blockchain solution requires specialized knowledge that goes beyond regular business methodologies. Debut Infotech stands out as a leader in blockchain application creation, building a formidable enterprise blockchain framework adept at decentralizing essential business facets or entire processes. Through our , we've enabled a plethora of startups and SMEs to expand their operational reach. blockchain development services Our esteemed partnerships with prominent names like , , and underscore our commitment to delivering innovative and efficient solutions across diverse sectors. Integra Ledger Ifinca Digipharm , and together, we can harness the power of enterprise blockchain to take your business to new heights. Connect with us

Enterprise Blockchain: Pioneering Change through Ecosystem-Based Solutions

এন্টারপ্রাইজ ব্লকচেইন: ইকোসিস্টেম-ভিত্তিক সমাধানের মাধ্যমে অগ্রণী পরিবর্তন

Enterprise Blockchain: Wegweisende Veränderungen durch ökosystembasierte Lösungen

Blockchain empresarial: cambio pionero a través de soluciones basadas en ecosistemas

Blockchain d'entreprise : un changement pionnier grâce à des solutions basées sur l'écosystème

एंटरप्राइज़ ब्लॉकचेन: पारिस्थितिकी तंत्र-आधारित समाधानों के माध्यम से अग्रणी परिवर्तन

エンタープライズ ブロックチェーン: エコシステム ベースのソリューションによる先駆的な変化

엔터프라이즈 블록체인: 생태계 기반 솔루션을 통한 선구적인 변화

Blockchain empresarial: mudança pioneira por meio de soluções baseadas em ecossistemas

Корпоративный блокчейн: новаторские изменения с помощью экосистемных решений

Kurumsal Blockchain: Ekosistem Tabanlı Çözümler Yoluyla Değişime Öncülük Ediyoruz

Chuỗi khối doanh nghiệp: Tiên phong thay đổi thông qua các giải pháp dựa trên hệ sinh thái

企业区块链：通过基于生态系统的解决方案实现开创性变革

167 Stories To Learn About Crypto Adoption

The contactless payment industry has taken off in recent years, offering customers an easy, secure way to pay without holding up the line at the grocery store. Tapping a card or phone on a terminal is much safer than swiping or using a chip reader. However, like any payment method, it’s still susceptible to tampering. Industry-wide cooperation among card reader companies, credit card networks, and issuers can make the practice safer. How Do Contactless Payments Work? Contactless payments use near-field communication (NFC) or radio frequency identification (RFID) to complete transactions. It’s the same technology behind unlocking a hotel door using a plastic room key. Within a credit or debit card, tiny plastic wires function as antennas to transmit the radiofrequency signal between the card and the reader. A card reader only picks up radiofrequency signals at a very short range, allowing you to hover or tap your card over the screen to pay. The reader requests more payment information — which is stored in the card’s shiny, metallic chip — when it detects a card in the area. The chip contains static data, which includes a card’s account number and expiration date. When you swipe your card or use a contactless payment app, the chip transmits static data along with a cryptogram — a unique numeric code issuers use to verify your device. The card reader sends this encrypted information to its servers. Then, the servers transmit the data to companies like Visa or American Express that send it to the issuer. Finally, the issuer approves the data and sends it back the way it came. All this happens in the amount of time it takes to read your card. The Rise of Touchless Payments Contactless payments are growing in popularity. A 2020 poll were using the method, with the pandemic spurring many people to stop paying with cash. The trend appears to be here to stay — and merchants are trying to keep up. found 79% of respondents worldwide According to a 2022 survey, a good checkout experience influences their decision to buy from that merchant again, so many stores have begun offering touchless card readers and payment app options for the first time. 91% of shoppers said However, as contactless payments become more common, so are the methods used to exploit them. Potential Security Issues Although contactless payments are generally safe, they still carry certain risks. For example, since you don’t need a PIN, anyone who steals your credit card or phone can potentially use it to make payments. It’s also possible for a bad actor to hack into your phone without physically lifting it. Because many of these purchases won’t come with a receipt, tracking them — and proving they’re fraudulent — can be tricky. Another technique hackers use to steal data is card skimming. Thieves employ specialized devices that intercept your card’s RFID information when they’re standing nearby. Once they have the data from your card, they can replicate it and create a cloned card. Thankfully, mobile wallets are virtually immune to these attacks since they use NFC to transmit data within an extremely close range of another device. Downloading potentially exposes your phone to man-in-the-middle attacks where hackers can access your data. Threat actors can collect information like your usernames, passwords, Social Security number, or bank account number. a mobile payment app Finally, there’s always the risk of a privacy breach. Contactless payment apps and cards collect a lot of data, and someone could potentially use that information to track you. Collaborating to Fight Crime Card reader companies, credit card networks, and issuers should work together to tackle these security issues. They can prevent contactless payment fraud by consistently adopting strong security controls, sharing threat information with each other, and creating more uniform guidelines across the sector. Projects like the Secure Payments Task Force — which the Federal Reserve created in 2016 and wrapped up two years later — can go a long way toward advancing payment security. Headed by payment industry experts, the Secure Payments Task Force worked across industry segments to identify ongoing challenges and potential solutions in data protection, payment identity management, and information sharing related to fraud. As companies release new products and services, they should integrate them with existing tools and risk assessment frameworks for a seamless transition into the payment system. The payment sector should also create frameworks to identify and secure sensitive data from different payment types to protect a diverse group of payment stakeholders. Strengthening Security Contactless payment is already one of the safest ways to complete a transaction. However, as it becomes more commonplace, hackers will get savvier, making it imperative to have strong safeguards in place. By collaborating, companies across the payment industry can make contactless payment even more secure, affirming its status as one of the most hacker-proof ways to buy a latte.

AMERICAN EXPRESS

americanexpress.com

10K+ employees

Since 1850

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AMERICAN EXPRESS

EVERGREEN INDEX #3349

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AMERICAN EXPRESS

americanexpress.com

10K+ employees

Since 1850

COMPANY RANKING

AMERICAN EXPRESS

EVERGREEN INDEX #3349

RELATED COMPANIESRANK

STORIES ABOUT AMERICAN EXPRESS

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