Contactless payments let consumers purchase goods and services using a debit or credit card without physically swiping a card into the payment device, signing names, or entering a PIN. When a customer is ready to pay, they wave their phone or card across the merchant’s POS terminal. After waiting a few seconds, the transaction is completed. 69% of users find contactless transactions more convenient than using cash. Contactless payments use NFC, or near-field communications to communicate with the payment device using short-range radio frequencies. Consumers can make contactless purchases in grocery stores, retail stores, services restaurants, and more.
Contactless card payments grew over 30% year over year and 47% of consumers say they will not shop at a store that doesn’t offer a contactless option to pay. Check out the resource below if you are interested in learning even more about contactless payments. It covers additional benefits for customers and merchants.
Infographic created by Clover.
