Contactless Payment Trends to Watch in 2020
People’s payment preference and techniques change continuously with time. Contactless payments, which are also known as tap and pay have become increasingly popular these days. There are several trends with have emerged in the domain of mobile and contactless payments and you need to watch these trends to meet the expectations of your customers.
Let’s have a look at the latest trends in the field of contactless payments:
With the acceptance of contactless payments, more organizations are trying to find out numerous types of technologies that can enhance this payment platform. For instance, Beam Wallet, has a mobile payment solution that integrates blockchain technology to enhance security and speed of retail payment applications. Other organizations across the globe are looking at strategic technology additions that syndicate mPOS applications with POS platforms to bring a contactless solution for consumers though they want to shop.
Not every contactless payment trend is good, as whenever there is a bigger opportunity for criminals, they will migrate to that channel. For contactless payments, there is a greater risk of fraud. By now, vulnerabilities have been revealed in many contactless card readers and contactless card machines that must be fixed, as some of the merchants have also been exploiting customers through different fraud techniques. These critical security matters will need to be resolved now before consumers change their minds about relying on contactless payment options.
The Bridge to Mobile Adoption
Many merchants accepting online payments see contactless payment as a gateway technology that is making consumers and businesses comfortable with the thought that a physical card is no longer essential for a financial transaction. This means that, as everybody becomes familiar with this idea, they will be prepared to migrate to digital interactions and mobile-only transactions.
Banks, too, may benefit from assisting consumers move to contactless payment methods. That’s because sooner or later with no reason to make a physical card to issue to all customers, banks can significantly cut costs associated with each customer.
What a Business Can Do
To get the most out of contactless payment methods, it’s imperative to let your patrons know you accept those kinds of payments. You can post your contactless payment symbol at your point of sale location and through the store or kiosk, you run.
Further, work with your payment provider to stay informed with continually evolving technology, vulnerabilities, and new advancement options that facilitate the convenience and speed presented by contactless payments. By associating with your payment provider, you can stay updated and develop a contactless payment plan that works the best for your business and gratifies your customers.