A payment method which you’ll see growing rapidly is contactless payments. These type of payments allow your customers to simply wave their smartphone across the reader. This method is by far, faster and more convenient than inserting a card into the payment terminal.
Faster and more secure than PIN technology, this processing method transfers the encrypted data to the point-of-sale device instantaneously.
Currently, several companies like Samsung, Apple, and Google already have contactless payment system that allows customers to make payments, by simply downloading an app, and adding their card information. They can then wave their phone across any reader.
Contactless payments are made possible with "NFC" (near-field communication) technology. That’s the reason why they are also
termed as NFC payments. This method is so popular, it is projected that by 2027 it will be used for up to 37% of all payments.
If you would like more information on these type of payment systems please contact us.