Articoolz.com

People around the world today are using smart cards for debit and credit payments. Contactless payment applications are gaining momentum as new contactless devices are being introduced like Secure Contactless Tokens, NFC Stickers etc.

In coming years, consumers will have a strong preference for contactless payment technology and merchants will use contactless payments to reduce waiting times, satisfy customers and boost sales of their business. A U. S. -based independent research firm expects point of sale contactless payment applications to grow 19% annually by 2014.

The US has the largest share of contactless payments, with most of the major financial entities offering the services to their customers. However, a vast number of financial institutions in Europe, Middle-East and Africa are yet to introduce contactless payment services. According to Frost & Sullivan, demand for contactless smart cards in the Asia-Pacific (APAC) region is expected to take off in 201
2. This untapped market across different regions has immense potential for a constant and massive stream of extra revenue for service providers. Fast and secure contactless payments appeals to consumers with wide ranging applications from mass transit systems to micro payments. At checkout lanes, consumers with contactless cards and other contactless devices can choose how to pay.

They can use the conventional payment card contact process and print a receipt to sign, or they can save time by simply waving the card within close proximity to a contactless reader to finalize the transaction in one efficient step. Some of the benefits which make contactless payments attractive to consumers are :-

• Speed and Convenience – Contactless payment can reduce individual transaction times by 10 to 15 seconds, as per market research firm Tower Group.

  In busy retail environments, this speed of service is very attractive.

  The consumer can initiate a contactless payment transaction with a tap or a wave and go. As a result the transaction is very fast as compared to inserting a card in the reader and waiting to sign an authorization receipt

• Alternative to cash and cards
  

  Related Posts

  Benefits Of Contactless Payments

  People around the world today are using smart cards for debit and credit payments. Contactless payment applications are gaining momentum as new contactless devices are being introduced like Secure Contactless Tokens, NFC Stickers etc. In co...

  Under 25 Dollars? Visa Says No Signature Needed

  This week, Visa made an announcement that starting this summer it is not going to require signatures for transactions of twenty five dollars or less. It will most definitely bear the results of smoother and faster transactions but it could ...

  Visa Goes Cardless

  This week, Visa made an announcement saying that starting this summer it's not going to ask for signatures for transactions of twenty five dollars or less. It will most likely result in faster and smoother transactions however it could ...

  Will the new iPhone enable simple mobile payments?

  There are many smartphones available in today's market, but Apple's iPhone has always paved the way when it comes to embracing new technology. One of the most talked-about features of the forthcoming next generation model of the pro...

  How Does My Shop Contend With The Supermarkets?

  In 2010 supermarkets now acquire? 18billion in spending that otherwise could have gone to various other vendors. As reported by The Payments Council they now take 55 pence in every pound customers spend in the shops. This is a mighty compe...

  The Appeal Of Evolis Printer Strategies

  HID access cards are cards that are a part of the access control system of a company as part of its effort to implement a high level of security within the company. They are called smart cards which can be either contact or contactless. Con...

  Cell Cellphone Use For Cellular Epay Becoming Extensively Deployed

  In the vicinity of Discipline Communications is an emerging technology that permits "contactless" communication among a customer and recipient of an electronic transaction. That may appear to be a mouthful of technological jargon. But the n...

  Do You Have Too Much Bad Debt?

  Sometimes it is hard to see over the bills that are piled up. While it is fun to use the things you buy when you first get them, it is no fun to try and pay them off when the time comes. It is especially frustrating to pay for something tha...

  Short Refinance 2010 – Will It Rock The Market?

  2010 will be known as the year that everything changed for the Real Estate market. Waiting for this to happen has taken some considerable time and patience but now that it is here it's time to take advantage of this situation. It has be...

  Top Three Paid Survey Sites Of 2010 For High Paying Surveys

  I've looked for 2010 paid survey sites endlessly, and this is my list of the high paying surveys. It only includes the websites that I've been lucky enough to earn the most cash with on a very consistent basis. While there are quite...

  Articoolz.com > Benefits Of Contactless Payments