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The Future of Financial Technology – One Making Payments Using Contactless

Technavio, a leading market research company, recently announced the top three trends in the global contactless smart cards market. The research indicates that we will see the emergence of multi-application smart cards, as well as the introduction of hybrid smart cards and the increased adoption of electronic purses. This new technology will work alongside existing tech, such as contactless payment via your bankcard and your mobile phone. This news has paved the way for discussion amongst the business world and question being asked is, how and when does a modern business go contactless?

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The short answer to this question is now. Many businesses struggle if they won’t or are unable to keep up with the times, particularly when it comes to technology. It is hard to imagine a modern successful business that does not have a website. There are, however, companies that businesses can turn to who make it easy and affordable to switch from chip and pin payment terminals to contactless terminals. Card Cutters are one such company, they offer a range of packages that give businesses the opportunity to rent contactless terminals on a trail or on a long-term basis.

In January 2016 use of contactless cards was up by over 36%, with 81.5 million cards being used in the UK alone. The advantages for businesses switching to contactless payment terminals are numerous, customers can pay for goods and services very quickly, there is no need to insert the card and enter a pin, in fact in most cases the customer doesn’t even need to take the card out of their purse or wallet. Contactless payments are also just as secure as paying by chip and pin, they use the same technology to protect the user, but most of all contactless payments are popular and the public are embracing shops, bars and restaurants that have taken the technology on board.

From a business owner’s perspective, there is very little to be negative about when it comes to contactless payment terminals. If, however you are a customer using a contactless card, there are one or two things you need be aware of. First, it is so easy to use your contactless card that you will want to keep a close eye on your bank balance and second if you are using your card overseas, look out for charges as these can be rather high relative to the amount of money you are spending.

 

 

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