Using Chip Technology to Make Retail Purchases Completely Touch-Free
Tap to pay, contactless credit cards, contactless payments, or mobile payments are all undergoing a major growth in use and acceptance as merchants move away from cash during Coronavirus – and it’s a change that will likely be permanent.
Maybe you’re familiar with NFC technology, and you’ve most certainly heard of Apple Pay, Samsung Pay, and Google Pay. Maybe, you have yet to upgrade to EMV compliant terminals equipped to accept NFC contactless payments. The fact of the matter is, we are beginning to see significant growth in the U.S of NFC powered contactless payments. If you’re still using the old mag stripe reader payment terminals, it’s time to join the “contactless” party.
Consumer behavior in countries other than the U.S. with regard to payments at the point-of-sale has been a very different thing. In many other markets across the globe, contactless payments are not just popular, they are the predominant way to pay. For example, Australia adopted “tap to pay” technology rather quickly, with 83% of in-person transactions using contactless technology in 2019. The UK and Poland have also been among the first adopters of contactless technology.
Here we’re going to discuss how NFC works, why it’s more secure, and why it’s an important convenience feature to offer your customers.
America was already seeing a slow rise in contactless payment use as more consumers discover the convenience of mobile wallets. In addition, there has been a gradual move towards a more cashless society. But now, we are dealing with consumers’ concerns over their health and safety. And because of this, we’re seeing a noticeable shift in consumer behavior toward greater use of contactless technology due to Coronavirus.
It’s estimated that the contactless payments market will reach $2.23 trillion globally by the year 2025. Over that period, it is likely that America will be one of the key drivers.
Here’s some non-Corona reasons for the use of Contactless Payments.