Some of the key features of the No Fee No Touch program include:
Tap & Go!
This technology makes payments safer, faster, and more efficient. Punching in PIN numbers will soon be obsolete, because customers can pay by simply holding up their card, phone, or, in some cases, wallet to the terminal.
Near Field Communication (NFC), which allows for tap and pay or contactless payments, is possible due to the incredibly compact RFID antenna that fits inside phones, card chips, key fobs, and more.
Improved Customer Satisfaction
Tap and pay or contactless payment services, when added to Point-of-Sale Systems, will create a more user-friendly environment while reducing wait times needed to insert cards, search for coin change or putting in pin numbers. In fact, some studies from Forrester Research and Digimarc have shown that the longer customers must spend in a checkout line, the less likely they are to make a purchase. So quicker checkout times will likely lead customers to complete a purchase. This, in turn, creates greater consumer satisfaction.
When contactless payments began in the 1990s, security was the top priority. This is because consumers needed protected from potential cybercriminals and companies with shady business practices. Data was transmitted short-range, from card to terminal, and tokens were used instead of storing the actual account information on the card. Both are major deterrents to cybercriminals who want to intercept or collect credit card information.
Credit Card companies such as Visa, Apple, and Chase offer consumers perks and rewards for switching to contactless payment methods. Other credit card companies offer cash-back rewards, or double air miles as an incentive to switch.
Mobile, or digital, wallets allow consumers to convert a wallet full of credit and debit cards into a more manageable and easy way to make transactions. Mobile wallets are simple and intuitive to set up. They are available on most Apple, Android, Samsung, and Google smartphones. To see if a different phone is NFC compatible, check this website.
Most cards contained in a mobile wallet have the same rewards as the physical card, but some cards even have extra perks for their mobile counterparts.
Unlike a real wallet, a digital wallet can be set up with custom passwords, digital fingerprints, retinas, or face scans. (Check with your carrier, as not all model phones offer this.) Mobile wallets can also notify the consumer via email if any of their cards have been used without authorization. If a phone is lost or stolen, the provider can remotely erase sensitive card data off the phone before a hacker can access it.
When you consider how easy they are to use, and add the extra security of mobile wallets, there really is no downside to switching to this type of contactless payment.