Being able to make contactless payments has been possible for a while now, but widespread adoption has been slow. The pandemic, of course, has changed this, boosting the demand for more contactless options as we continue doing all we can to reduce the spread.
Not only do these kinds of payments reduce contact time, but they also provide customers with more convenience, improving their experience with your business. Nowadays, integrating contactless payments into your organisation is essential - it isn’t just a fleeting fad!
What does the future hold for contactless payments as the technology continues to be accepted and used by more people?
Traditional Vs Contactless Payments
As more people become concerned with handling physical money and the potential spread of the virus or other germs, more countries are becoming enthusiastic adopters of contactless solutions.
The rising popularity and demand for this payment method is shown in the widespread increases in payment limits. Last April, the limit in the UK was increased to £45 - it has since been announced that this year, the limit will be increased to £100.
It’s no surprise that contactless payments will overtake the use of cash and traditional credit cards when you can simply tap a card onto the reader and go on with your day.
Forbes suggests that contactless payments will likely overtake traditional cash and card methods within the next three to five years.
Increase in Contactless Point-of-Sale Terminals
Point-of-sale terminals are the devices that process transactions in retail stores - contactless terminals have recently seen growth and are expected to lead the charge in the contactless payment market.
Innovation like the increased use of contactless POS terminals is essential for brick and mortar stores. As they continue to compete against online competitors, they must offer greater convenience and reduced contact times and queues, which contactless POS systems can provide.
The Rise of Mobile Payments and Wallets
As making contactless payments via our smartphones also becomes more accessible and desirable, we’ll see a rise in the number of people using mobile wallets, storing card details securely on their devices and making mobile payments.
Technology that allows for a ‘tap-to-phone’ function also allows smaller businesses and sellers to turn their own phones into contactless POS terminals, ensuring that they can give customers the modern services they expect even with limited resources.
Using our faces to make payments may seem futuristic to some, but, in some respect, it is already happening when we use our phone’s facial recognition options instead of manually entering passcodes or card details.
The use of face ID as a method of authorising payments also somewhat allays fears around the dangers of contactless cards being stolen and money being easily withdrawn – a warranted fear if contactless limits continue to increase.
It is now more important than ever for even the smallest of businesses to invest in the necessary technologies and prioritise innovation. Not only do more modern practices help keep you and your customers safe, but they also help ensure your business is future-proof and able to thrive.
From online booking forms and registration to data capture and feedback, find out how RapidReg can provide contactless solutions for your business today!