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The Benefits Of Contactless Payments
The COVID-19 pandemic had wreaked havoc on many industries in recent years, including the payments industry and the online payment gateway. For fear of contracting or spreading the virus, consumers avoided using cash or interacting with Point-of-Sale (POS) machines. Because of these health and safety concerns, an increase in the use of contactless payments such as 'tap and go' and mobile wallets has occurred. With MasterCard reporting a 40% increase in contactless payments and predictions that this trend will continue, here's everything you need to know about implementing contactless payments in your business.
What are contactless payments?
Payments are made without the consumer's card or mobile phone ever coming into contact with the POS system, as the name implies.
Contactless payments are enabled by Near Field Communication (NFC) technology, which allows the card/phone and the POS system to communicate when they are within range of each other. When a customer brings their phone or card close to the POS, it either beeps, a green light illuminates, or a checkmark appears ...
... to indicate that the payment was successful.
Customers do not need to sign their names or provide a personal identification number when using this payment method (PIN).
Examples of contactless payments
A consumer can use various types of contactless payments to pay for goods and services. They are as follows:
Tap and Go
Customers can pay using this method by tapping or waving their cards over the POS system. This method is only available to customers who have NFC-enabled credit and debit cards.
The contactless symbol on contactless cards is a 90-degree rotation of the Wi-Fi symbol. In order to accept contactless payments, your business should also have a contactless-enabled POS system.
Consumers can access their money stored in mobile wallets via applications or wearable devices such as smartwatches. Customers can use mobile wallets to pay by tapping their phones or scanning a QR code. This is also suitable for online payments. Typical mobile wallets include:
Apple Pay: Payments are made by placing an iPhone or smartwatch with a finger on the Touch ID button over the POS system.
Android Pay: Android Pay is Google's mobile wallet, and payments are made by opening the app and holding an NFC-enabled Android device over the POS.
Mobile Banking Apps: Customers can pay using instant money transfers or by scanning QR codes.
How contactless payment can help your business
The advantages of contactless payments through the best online payment gateway to consumers are numerous, but there are also advantages for businesses. These are some examples:
Increased payment security and a reduced risk of fraud
Contactless payment methods are just as secure as EMV chip and PIN transactions. In addition, in the event of a data breach, your customers' credit card information cannot be used fraudulently.
If your company operates in a high-risk industry, this protects you from hefty fraud-related fines imposed by card networks while also giving your customers peace of mind.
More speed and convenience for your customers
Contactless payments are quick and easy. Customers save time by not having to enter PINs or sign receipts, resulting in shorter checkout lines and faster customer service.
Providing customers with a contactless payment option can put your company miles ahead of the competition. This is especially true in industries where contactless payment is uncommon, such as CBD stores, lending companies, or those considered high risk.
The grim reality is that the paper surface of bank notes contains disease-causing bacteria and viruses, and since the outbreak of COVID-19, more customers are aware of the ability of cash to spread viruses and diseases.
Customers will prefer your company if you accept contactless payments because they can avoid catching or spreading the virus. With customers reporting that they will continue to use contactless payments post-COVID, implementing it will benefit your business in the long run.
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