3 Advantages of Using Contactless Payment

3 Advantages of Using Contactless

3 Advantages of Using Contactless: The cashless society has been around for decades. Usually people who belong to a ‘cashless society’ make transactions without using cash and are replac by debit, credit cards. or other mobile payments. This habit is known as cashless payment. However. Along with the times. cashless payments are starting to be replac by contactless payments.

Initially this contactless payment method exist in the United Kingdom and has increased in many countries since the covid-19 pandemic. Reporting from paragon-id.com, a new study from Juniper Research found that more than half (53%) of global transactions at Point of Sale will be touchless in the next 5 years. Contactless has become the preferred payment option in many countries with these transactions accounting for more than 50%.

Maybe not many people know the meaning of contactless payment. This Contactless Payment is a non-cash or non-debit payment, and uses contactless payments using only a smartphone. This payment system is based on RFID or NFC (Near Field Communication) technology. Payments are enabl via secure contactless systems such as Samsung Pay. Apple Pay. Google Pay. Fitbit Pay. Or any support bank mobile app.

From all the explanations above. Consider the benefits of the contactless payment method for users:

1. Time efficiency

It is estimat that contactless payments can be complet in 15 seconds and work twice as fast as a regular card. This makes a positive impact for buyers and sellers. There is no ne to wait in long queues for payments and transactions are complet faster.

2. Safe

If you lose your card or it gets stolen. You can freeze your account to ignore and avoid fake payments. Built-in protection ensures that the same transaction cannot happen twice by accident.

If tapped, the details and numbers associated with the card cannot be decrypted because a unique number is used for transactions that are not associated with the card number.

3. Easy

Contactless payments are not limited to just cards. The NFC technology in the contactless reader can interact with the phone and connected accessories such as a watch or ring. If you forget to bring your card, you can use a cellphone or watch that is already connected to this payment method.

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