What is contactless payment? See Details
The phrase “contactless payment” refers to a technique of conducting financial transactions that does not need direct physical contact between the credit card, smartphone, or other payment device and the POS terminal. It makes use of near field communication (NFC) technology, which enables the transfer of data wirelessly between close-by electronic devices. In order to make a contactless payment, you need only tap or wave your payment device in the vicinity of the terminal, and the transaction will be completed instantly.
Paying with a contactless method has the key benefit of being quick and easy. Using conventional payment methods like sliding a card into a chip reader or swiping a magnetic stripe might be tedious. The absence of these physical contacts is what makes contactless payment so appealing to consumers and business owners alike: speed and simplicity.
Contactless payments are fast and secure. This technology encrypts and tokenizes critical payment data to keep it safe from fraud and hackers. Furthermore, contactless payment often includes a transaction limit, which adds an added degree of protection by discouraging big illicit purchases without a PIN or signature.
Several sectors, including retail, transportation, and the hospitality industry, have adopted contactless payment systems. It is typically used while making smaller transactions, such buying groceries, taking public transit, or buying a cup of coffee. More and more companies are accepting contactless payments so that customers may enjoy a quick and easy checkout process.
A contactless-enabled credit or debit card, or a smartphone running a mobile payment app like Apple Pay or Google Pay, is required to make a payment through contactless technology. To make a purchase, you need to find the icon for contactless payments on the terminal, tap or wave your smartphone near it, and confirm the transaction.
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