You’ve probably witnessed this take place at a restaurant or supermarket or even a vending machine. the cashier rings your order and you then tap your credit card that is contactless at the terminal to pay. It appears like magic, but is in fact a brand new payment method that can reduce customer friction and speed up checkout times and improve efficiency for your business.
The process is based on near-field communication (NFC) technology. When you tap the card near the POS system that is prompted to pay, the information is transmitted electronically from the chip of the card to your account. The system will then verify your transaction by ringing, checking or flashing an green light.
Contactless chips are protected unlike traditional cards that have magnetic strips. This makes it much more difficult for hackers to hack into devices to steal information and commit fraud. Contactless transactions are popular because they minimize the risk for both you and your customer.
Modern debit and credit cards come with NFC so you can pay at many places that accept contactless payment. You can also connect them to payment platforms that are digital and mobile wallet apps that permit you to make contactless transactions via your mobile device. Examples include Apple Pay, Google Pay or Samsung Pay. These mobile applications are useful for those with multiple cards and can be used as an an alternative or in addition to your debit or credit card.
www.southbeachcapitaladvance.com/how-consumers-and-merchants-make-contactless-payments
