Why Should I Implement Contactless Payments?
Contactless Payments use Near Field Communication (NFC) Technology. NFC is embedded in the credit or debit card, or mobile device. This allows you to make purchases without ever having to physically touch the terminal. This means no germs are transferred to the card—which means less risk than with pre-coronavirus credit or debit cards.
The coronavirus pandemic has illuminated the need for a contactless payment system—both now and in the future. While this technology is not new, research now shows the growing need for, and implementation of, contactless payment systems.
“Overall, the total number of people using proximity mobile payments in the U.S. this year will grow 9.1% to 64 million,” eMarketer reported in October 2019. “That represents nearly 30% of all U.S. smartphone users.”
What are the Other Benefits of Contactless Transactions?
With Contactless payment, your info is not stored on the chip or a magnetic strip. Instead a randomized, one-time use “token” is communicated to the terminal. A token is a 16-digit encryption code of your primary account number, that is randomized each and every time you complete a transaction.This minimizes and/or eliminates the threat of your data being compromised.
Other benefits of using contactless payments include: