Going Contactless: The Future of a Smart Economy
As many people move to metropolitan cities and areas, there are transformations occurring accordingly. With faster payment transactions, affordable transport solutions and efficiency, technology driven contactless payment systems have become the most preferred method of convenience.
Plus, in this era of coronavirus, people have gotten used to the “new” normal of transacting businesses whilst integrating them into numerous routine tasks. Therefore, in order to achieve quicker streamlined checkouts, smart ticket solutions and digital payment options through contactless processing has become the growing trend.
What is Contactless Payment?
Contactless payment is one of the most innovative technologies that has drastically improved the purchasing process for consumers. Unlike standard debit and credit cards, a contactless payment does not go through the Point of Sale (POS) terminal. Rather, customers who acquire digital wallets can tap or scan through the app from their smartphone with a personal QR code and make payments faster.
How Does it Work?
For those wondering how it all works, for instance contactless credit cards consist of a chip fixed inside them that is activated by emitting Radio Frequency Identification (RFID). With an antenna built into the plastic body of the card to connect with a payment reader, payment information is transmitted when you tap or wave a device close to the reader not by touching anything.
Also, the outer layer of the card includes a symbol that looks somewhat like a WiFi signal you appear on a device. This verifies your card to have contactless payment capabilities.
Why Should You Go For It?
- Boosts App Adoption
While contactless payments shuns outdated technology, it prioritises application usage. Built on digital infrastructure, going contactless opens many doors for a fully online experience. Businesses can operate on an e-commerce basis with customers purchasing products online without needing a physical store.
- Promotes Customers Convenience
How the world works today has influenced people to get fast and get moving quickly even in their day to day lives. Instead of waiting in long queues and manually handling paperwork, institutions prefer technology infused processing. With contactless payment, there is no need to enter a PIN number, take out your credit card from the wallet, write down bank cheques or carry physical cash or count them. You can speed up the check out process and get customers to walk out the door hasslefree. Since customers are able to carry their electronic wearables and devices everywhere they go, contactless payments allow reduced usage of carrying manual items.
- Minimises Risk for Security
Having financial information and history in massive amounts without high security can be dangerous. This gives a hacker to retrieve data from your phone and steal card information. As such, contactless payments give safer options to regularly check your statements for fraudulence and authenticate bank data unlike regular cards. With constant data changing privileges, hackers cannot breach said limits to duplicate customer cards.