Business

Contactless Payment: A Rapidly Growing Payment System

Contactless payment has always been a part of society. It has been around since the late 90s. In 1997, Coca Cola was one of the businesses that used mobile payments in vending machines where customers could pay via mobile. As convenient as the process is, it has taken companies and countries all around the world a lot of time to incorporate the system into their operations. However, with the world becoming increasingly digitalized and people becoming more tech-savvy, the pace of using contactless payment methods has sped up, and it is now a preferred way to carry out transactions.

Another thing that has contributed to the frequent employment of contactless payment methods is the ongoing global pandemic COVID 19. Now, people are more conscious regarding touching things and avoid at all costs to do so. In this situation, the option to go contactless is nothing short of a blessing.  

It is also a secure method of making transactions. When a user uses contactless payment at the point of sale via the near field communication technology, a code is generated, which makes the transaction safe. The code is generated in lieu of sensitive information about the account and the user. Moreover, there is a specific limit on the card, so in case the user loses the card, there cannot be purchases in bulk or repeated purchases. 

The convenience that comes with contactless payment is priceless! Contactless payment systems are two times faster than paying cash as there is no signing or entering PIN involved. This reduces the long queues that build-up due to the time cash payment takes. It is also good for the businesses because the process of contactless payment is a seamless one which shoppers enjoy. Hence, they are encouraged to shop more often. 

Apart from convenience, contactless payment systems also promote health and safety. Contactless payment, as mentioned before, has always been around but not readily adopted. However, the pandemic has accelerated the pace with which it is growing. People are more concerned about hygiene than they were before and what better way to avoid touching cash than going contactless. Thanks to near field communication technology, there is no need to insert or swipe the card in the point of sale device anymore.  

With each passing day, the world is moving towards a more technologically advanced setup. One of the advancements we have seen is the easy sync of devices. That means now you can connect your phone with your smartwatch, wristband, rings. Even if you don’t have your phone or wallet with you, you can quickly pay through apps like Apple Pay or Google Pay. 

The new normal has pushed people to adopt new methods of operating businesses and coming up with innovative technology which is not only convenient but more secure as well. Contactless payment methods have proven to be beneficial for companies all across the globe due to COVID 19. 

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