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Contactless payments are not limited to only cards. The NFC technology within contactless readers can communicate with phones and connected accessories, such as rings or watches.
Fremont, CA: Contactless payment systems are designed on the basis of RFID or NFC (Near Field Communication) technology. They come in various forms, including debit and credit cards, smart cards, smartphones, key fobs, or other devices, including wearables. Payments are enabled through secure contactless systems such as Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, or any bank's mobile application that supports contactless.
Let us look at some benefits of contactless payments:
It has been estimated that contactless payments complete within 15 seconds and work faster than normal cards. Since it does not require much processing and handling of cash, transactions are made faster. Thus, turnover would improve, and queues are less likely to build up at the cash counter. Contactless payments reduce the requirement for staff at the cash register and allow businesses to assign them to improve other areas of customer service and shop experience.
Contactless payments are not limited to only cards. The NFC technology within contactless readers can communicate with phones and connected accessories, such as rings or watches. Apple Pay's launch in 2014 enabled users to pay if they had forgotten their card or if it was out of reach, by utilizing their phone to make the transaction. This was developed further with the introduction of the Apple Watch.
Improved Customer Experience
As contactless payments allow for a result of faster, more secure, and effortless transactions, shops can witness an increase in throughput and a decrease in abandoned sales. People are often leaving their carts due to insufficient cash in their wallets. The average transaction value (ATV) rises when a customer is not restrained by the amount of cash they are carrying, and the payment process is efficient.
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