Contactless payments have experienced slow growth in Mexico and the United States compared to other parts of the world with more developed technology: if we look at consumers in Canada and many European countries, contactless payment technology has been used for years.
But 2020 changed everything. The COVID-19 pandemic has made people very cautious about using cash and, in some cases, even avoiding touching the payment acceptance device while paying with their cards. As stores take safety measures to regularly clean terminals, one of the easiest steps they can take to protect their customers is by accepting contactless payments, including mobile wallets like Samsung Pay / Wallet Members. This allows consumers to tap their cards or phones to the terminal to complete the transaction, making their experience contact-free. For example, in the United States, the supermarket chain Publix enabled this payment method to offer consumers a safer and faster shopping environment, helping them worry less about the pandemic.
A recent report by the research firm 451 Research indicates that this pandemic could act as a catalyst to increase the adoption of contactless payments in various parts of the world.
While the immediate benefit of accepting contactless payments in your business is clear, there are many other reasons why you should consider adopting this technology:
Security
Here’s the translation:
In addition to offering a contactless payment option, which is useful during a global health crisis like the one we are facing, contactless payment methods are also safer to use compared to payments made with magnetic stripe cards. In the case of mobile wallets, the credit or debit card data of the cardholder is encrypted and hidden behind the phone’s lock screen, which only they can access. By accepting contactless payments, you can demonstrate to your customers that you have their safety in mind.
Contactless payments also offer the convenience of making faster payments. Consumers can simply tap their cards or mobile wallets to the payment device and leave the store almost immediately. One of the best examples of this application has been in transportation with the implementation of OMNY at MTA subway stations in New York City, where customers can simply tap their phones or cards to the device and quickly and easily pass through the turnstiles.
Regardless of the vertical markets you serve—retail, restaurants, tourism, or healthcare—contactless payments can provide your end customers with the same convenience of paying quickly and securely.
Read the full article at Paymentmedia.com
Source: (Payment Media, n.d.)
