Once COVID is finally in our rearview mirror, what will become of the modified shopping and payment behaviors that the virus either brought about or accelerated? In particular will so-called contactless payments remain a viable, or even a preferred payment method for goods and services?
What are contactless payments?
If you have ever used a smartphone or credit card to “tap” a credit card reader when paying for something, you have taken advantage of NFC contactless technology. This technology allows consumers to transact purchases quickly and securely, without ever physically swiping or dipping a card into a terminal or handing it over to a seller. With the dawn of wearables such as watches and fitness bands, this method of payment became more popular. With the onset of COVID-19, that popularity positively skyrocketed. After all, no one wants to risk contracting the virus by touching dirty cash or POS devices.
The forecast for a post-pandemic world.
While many innovations and modifications may fade as soon as a vaccination for COVID has been perfected, NFC contactless payments seem to be here to stay. The reasons lie in the lasting advantages that they offer to all parties involved, including their:
- Ease of use. Consumers find that making these transactions is fast and seamless. Furthermore, doing so does not require carrying cash, which can be cumbersome and unsafe.
- Built-in protection against fraud and identity theft. A customer’s information is encrypted and then converted into a unique, single-use token that is useless to any cybercriminal attempting to hijack a person’s identity.
- Flexibility. NFC contactless payments offer the ability to pay using any connected device, including wearables, smartphones, and chip-enabled cards.
- Increased checkout speeds. This leads to shorter lines and better customer satisfaction.
The global pandemic that is the coronavirus outbreak has inspired countless retailers to jump on the NFC contactless payment bandwagon. Now, it’s your turn.
Considering the many long-term advantages that touchless payments will continue to afford buyers and sellers alike, it appears virtually certain that they will remain popular and may even become the payment of preference for most buyers now and in the future.