Cash and checks may not be the most popular payment options these days, but they will most likely always have a place in the world of commerce. Tap-to-pay solutions could perhaps be one of the fastest and most convenient ways for consumers to complete transactions. If your business hasn’t shifted to accepting contactless payments, continue reading to learn about some of the benefits.
The technology behind contactless payments enables short-range communications between a point-of-sale terminal and the customer’s card or mobile device. Through the use of Near Field Communication (NFC) that uses radio frequencies, shoppers can simply tap or wave their card or phone over the POS device to complete a sale without swiping, inserting, signing, or entering a PIN.
Many consumers find contactless payment more convenient than cash transactions because they don’t require them to visit a bank or ATM to withdraw money. Also, contactless payments have recently gained a lot of traction because they enable a more hygienic shopping experience and minimize physical contact with any surfaces or devices that might expose them to unwanted germs.
This technology also offers a wide range of benefits for merchants, as well. For example, contactless transactions can be completed and processed up to 10 times faster than other payment methods. An overwhelming majority of people who use mobile wallets say they are very likely to continue to do so in the future. These are just some of the reasons why a recent survey by a major credit card company concluded that contactless payments were expected to increase 800% between 2020 and 2024.
To learn more about contactless payment technology and how it can help change your business for the better, take a look at the accompanying resource.
Infographic created by Clover, a retail POS system company