Imagine driving your car to a fuel station and turning the vehicle around to pay for the gas with a wave of the hand. Tapping the card for making payments was possible for two decades but the scenario has changed in the last few years. Today, more and more people are turning to the option of making contactless payments. The truth is that these no-touch cards have become highly popular nowadays but you may still have a question lurking in your mind and that is about the safety of using this card.
Contactless payment is one in which you rely on debit or credit cards but without swiping them or entering the PIN. Instead, this mode of payment leverages RFID and near-field communication to exchange data. You can pay by smartphone, card, or smart-watch. Here are two types of contactless payments that function differently but perform the same function.
- Mobile Wallet wherein you hold your smartphone up to the card reader and connect any of the pay apps to your credit card account.
- Tap the card in which you need to tap the card against the card reader and the people at the other end receive your payment from an RFID chip in your card.
The contactless payment system
has become the technology that a majority of retailers and restaurant owners
prefer. During the COVID era, the fear of contracting the infection forced
several consumers in various industries to rely on hygiene. Avoiding touching
with one’s hands and a change in consumer behavior boosted the popularity of
these cards.
Considering that then, there was no searching lower
back. Research reveals that the number of Americans using contactless cards shot up to 150% between 2019 and
2020 and a majority of people cited cleanliness and safety as the major reasons
for using contactless payment methods.
Retail point-of-sale systems: Ease the hassles of retail operations
The retail point of sale
system has modernized the in-store experience and is the new
way of paying customers. Due to the changing consumer behavior owing to
hygiene, retailers have adopted POS technology in their stores. The opportunity
of paying quickly at the checkout and the urge to stay safe from germs has led
retailers to implement systems to help the customers on the floor and make spot
sales. It also helps in easing the rush for holiday shopping.
How safe are contactless payments?
It’s true indeed that contactless
payment is one of the most valuable tools to have emerged during this
decade. Despite the benefits associated with this payment system, people often
assume that it is vulnerable to hackers and may put their finances at risk. But
do you know that the payment software is cloud-based and adds a layer of
security? A cloud-based payment system allows more control over the data it
accesses and allows the retailers and the revenue to depend on it.
Apart from this, the chip that the customers use to hover above the
system to make payments is highly sophisticated and does not rely on external
resources for communications. Therefore, the chance of security intervention is
reduced to a minimum.
Contactless payments: the new age payment system
With massive changes taking place and store owners crazy to digitize the payment tools, NFC payments are in good standing. The modern-day payment tools not only ensure complete security but take businesses to the next level through flexible functionalities that are within the easy reach of customers and retailers. Retail Control Systems offers POS systems and business management solutions to ensure your business functions efficiently, whether online or offline.
- Contactless payments relate to the requirements of the end customer to a great extent.
- The staff at various stores is equipped with proper training and is empowered to work with intuitive tools to make sales in a jiffy, so the payment tools aim to serve customers within shorter periods.
- The POS system comes with a wide range of integrated features to offer customers a multitude of options to shop in person or online.
The contactless technology not only eases payment at the checkouts of retail stores but provides meaningful insights into past sales, thus making it easier for retailers and restaurant owners to make calculated decisions. Modern-day credit cards use encryption and a code. But scanning and decrypting the code involves a lot of effort for the people who aim to steal the information.