Contactless payment acceptance systems are revolutionizing the field of transactions. These channels are faster, easier, and more secure than traditional methods of payment, allowing customers to easily purchase products and services with the wave of their debit or credit card. What’s more, contactless payments also create tangible time-savings for businesses. By reducing the amount of time spent manually processing transactions flowing into their system, companies can dedicate more resources to meeting customer needs and needs other tasks.
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Data for today’s episode is provided by Mercator Advisory Group’s Blog – Contactless POS Payments Finally Ready For Prime Time
Contactless Payment Acceptance Multiplies for Merchants:
- In addition to chip cards, scanning QR or barcodes with a mobile phone provides another contactless payment acceptance option for merchants.
- Most scanning features are integrated within merchant mobile apps that also provide menu ordering, loyalty programs, and personalized marketing offers.
- In addition to Walmart Pay’s continued use of QR codes at checkout, InComm & PayPal enabled >10,000 CVS stores with QR code payments.
- Starbucks’ mobile app embeds a barcode for POS scanning, and also integrates its loyalty program used by about 65% of its customers.
- Starbucks mobile app users are twice as likely to visit more than once a week and 10 times more likely to come in multiple times a day.
- However, the ultimate contactless payment is autonomous checkout.
- Look to Amazon and other tech developers to introduce grab-and-go shopping in grocery stores and C-stores.
About Blog
Several years in the making, contactless payment cards are finally arriving in large numbers at mailboxes throughout the U.S., as domestic cardholders catch up with the rest of the world. But contactless goes beyond plastic cards, with mobile apps providing another payment option for consumers to choose. While COVID-19 has accelerated contactless in 2020, payment providers and merchants now see that no-contact POS transactions can be a differentiating strategy to engage and expand their customer base beyond the pandemic.
