Contactless Payment is a payment system that uses RFID technology or near-field communication (NFC). This allows consumers to simply hold a card or device near a payment terminal to process secured payments.
According to the iVend study, 39 per cent of customers expect to use contactless payments and mobile wallets. In other words, they want speed and convenience.
Contactless payments shave minutes off of transactions by eliminating card swipes, PINs, and check writing.
In the U.K., public transit is offering contactless payment as an option, and nearly half of commuters say that offering contactless payment is the single most significant improvement in their public transit experience, according to a global study about contactless payments published by Visa. Other cities, like New York, Miami, Singapore, Edinburgh, are also seeing customer satisfaction increase by introducing contactless payments.
Clearly, much of the public likes contactless payments, and it’s easy to assume that shoppers with this preference will look for retailers who provide it. Contactless payment is another way to build your brand with a positive, loyalty-building customer experience.