How Contact less Payment is Driving the Business World in New Normal?

Even before the pandemic started wreaking havoc around the world, contactless payment was a widely used and accepted method of payment. In the post-pandemic new normal world, when businesses are getting back to their regular operations, the stress is more on contact less payment. Maintaining social distancing and reducing touch with germ protection – these are the things that can be assured with contactless payments. As a result, businesses around the world are opting for this solution.

COVID 19 as the Catalyst of the Popularity of Contactless Payment

Since the beginning of the global pandemic, a steep rise has been noticed for contactless payments. The stats below will convince you about the rising popularity of contactless payments.

  • Around 51% of people in the USA are currently switching to mobile wallets and tap-to-go credit cards options.
  • Around 58% of people are willing to use contact less payment more than how they used it before the pandemic.
  • MasterCard has witnessed an increase of 40% in contactless payments.
  • There has been a rise of +40% among the user of contactless payments globally in the first three months of 2021.

So, as you can see, consumers, as well as businesses, are leaning towards the contactless payment system more and more. So, to keep up with the demand and the trend, you need to know how to setup contact less payments. Companies like Retail Control Systems can help you with that. How this system can benefit you as a consumer and as a business? Take a look at the following points.

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Benefits as a Consumer

  • Ease of Use
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The biggest advantage of contactless payment is the ease of use. The consumer only needs to tap the card against the reader and the payment will be done. Contactless payment reduces the physical interaction as you don’t have to enter the PIN every time you purchase anything. This is an effective way to reduce the time for queuing at the shopping POS and makes the payments faster. When you are looking for an ideal option of payments while dealing with the social distancing norms, contactless payments should be your go-to option.

  • Safer Transaction

This is a pertinent question that has come to the mind of every customer. Compared to other methods of payment, contactless payment is a safer form of transaction. As you are not handing the card to the shop staff, it reduces the chances of the card being stolen or misplaced. Also, the chip technology, encryption and dynamic data technology make your payment secure by generating a unique payment id for every transaction. So, as you can see, it is a safer option for you. With end to end encryption, your transaction history will remain completely protected. And that is how, the safety will be ensured.

  • More Flexibility

For contactless payment, you don’t need your card always. You can do it from your smartphone, tab, watch and Visa contact less payment cards. As a consumer, it offers you a lot of flexibility and options for payment. If you own a business and set up this payment option, transactions will become even easier. Your customers will just have to scan the QR code and then pay. In fact, there are hundreds of benefits and cash back offers while paying from the mobile wallets. It will help your business get more flexibility for payments.

  • Loyalty Benefit
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Every consumer is a fan of loyalty benefits. Business runs loyalty programs with the contactless payment option. This means that you can get discounts, add loyalty points and get rewards all the same time when you are using contactless payment. Offering loyalty benefits will become easier for the businesses too with the contactless payment methods. Business can use this in a way of increasing sales and ROI.

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Benefit for Business

  • More Efficiency

As contactless payment reduces the necessity of PIN and card swiping, it decreases the chance of a queue forming at the counter. The staff can offer more efficiency. In fact, businesses can have any point checkout with the help of contactless payments. There is no need to get all customers at the counter to pay. It will help your customers to pay at any point easily.

  • Better Customer Experience

If you are a business owner, then with contact less payment you can increase customer satisfaction. This is a form that offers quicker and smoother checkout which will help the customer finish the shopping faster. Also, it reduces the necessity of loyalty cards for loyalty discounts which is another bonus for the customers. The payment will be completely secure with end to end encryption. All of these factors will enhance the customer experience for you.

  • No Extra Cost

Contactless payment doesn’t require the business to pay any processing fees. And that is why the business can upgrade their card readers with minimum to no extra cost at all.

So, as you can see, contactless payment is the perfect option that offers more safety and convenience of payment. Set up contactless payment today.

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Also See: Buy Now Pay Later: Key Things to Consider

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