Make Your Transactions Faster with 3 Secure Contactless Payment Methods in 2023
March 23, 2023
The retail industry took a massive hit during the pandemic like most other industries. But, the ability to pay without making contact has saved the day. Contactless transaction features have helped maintain necessary safety protocols. But in the post-pandemic era when the world is picking up pace, faster is always better. Contactless transactions are way faster and way more secure than cash transactions.
Contactless transactions do not need you to enter a PIN to approve the payment which makes it insanely quick. This helps in preventing long queues and you will never be out of change since you pay the exact amount on every transaction. For impulse shoppers, contactless payment methods make the shopping experience easier and seamless – anywhere, anytime.
But, if you are still figuring out what is contactless payment, take a quick look at these secure methods to make the fastest one-tap transactions.
What are the top contactless payment methods of 2023?
1. Contactless Cards
Contactless cards are here for a long time but have gained popularity in recent times. Nowadays they are being used as one of the common payment methods by almost everyone. These cards look similar to debit or credit cards. They have a magnetic stripe and the payment is made by swiping them in the slot given in the payment terminal or card reader. This technology, however, is less secure and now obsolete. Modern contactless cards called “Tap to Pay” cards come with a microprocessor chip which communicates with retail point of sales systems through RFID or radio frequency identification technology. Therefore, the payments are secure and quicker than before.
2. Contactless Mobile Transactions
Has it ever happened that you realized, that you left your wallet at home or in the car while checking out at the cash counter? In such situations, you can make secure contactless transactions through your mobile phone as well. Nowadays most payment aggregators allow you to store your card digitally on your mobile devices. This helps you make payments through your card even if you are not carrying it. Mobile phones with NFC technology can use this feature which helps them make secure NFC payments at any NFC-enabled point-of-sale system.
3. Other App Based Contactless Payment Methods
Nowadays all banks and financial institutions provide contactless payment services to their customers. But many other non-banking companies have also been offering contactless payment services to their customers as well. Google with its Android operating system is in the contactless payment market since back in 2011 and Apple launched its version of NFC-enabled payments as early as 2014. So here are some other popular options which you can use to make secure touch-less payments anywhere.
- Google Pay: Google pay uses NFC technology to process contactless payments. Your mobile phone will need to have NFC services enabled so make sure that your phone supports NFC. Google pay is used by millions of users and checks all boxes of contactless payment security.
- Apple Pay: Apple allows its iPhone and Apple Watch users to pay wirelessly through Apple pay services. It is now accepted in nearly all stores in the United States of America. Apple Pay introduced its version of NFC-based payment services in 2014. Apple pay provides a smooth and seamless experience when it comes to contactless payment throughout supported devices.
- Samsung Pay: While NFC is the preferred method of contactless payment for other mobile platforms, Samsung uses Magnetic Secure Transmission (MST) along with NFC in Samsung Pay. It is the next-gen technology which is said to be as secure as the EMV technology which is used in contactless cards. Samsung Pay also allows its users to make payments from as far as 3 inches from the POS system.
The busy lifestyle of the modern-day society in 2023 requires us to be quick yet vigilant. Modern contactless payment is by far the most convenient method of payment in current times. Contactless transactions have made life easier as well as safer for many people around the world. But, if you are someone who also sits on the other side of the counter, Retail Control Systems is ready to provide you with the help you need regarding contactless paymentsfor your business. The payment methods discussed above are very quick and secure, so you can rely on any of them to ease the checkout process.