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What is contactless payment? And what are its advantages?📝

what is payment contactless?

contactless payment systemscontactless) are based on RFID or NFC (Near Field Communication) technology. They come in different forms, including credit and debit cards, smartphones, smart cards, key fobs, or other devices including wearables (watches, rings…). Payments through this type of device are enabled through secure contactless systems such as Apple Pay, Google Pay, or any mobile banking application that supports contactless.

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A new study from Juniper Research has found that more than half (53%) of global point-of-sale transactions will be contactless in the next 5 years. Contactless payment is already the preferred payment option in many countries and these transactions represent more than 50%. This is the case, for example, in the UK, France, Spain, Australia and many Eastern European countries. In the US, after slow adoption initially, the market has finally opened up to contactless over the last 6-8 months.

In the field of contactless payment, the smart card or contactless card is by far the most widely adopted means of payment. According to a recent report, the global smart card market is expected to reach $65 billion by 2025 with banking accounting for around 25%.

What are the 5 advantages of contactless payments?

  1. Payment speed
    Contactless payments are estimated to be completed in 15 seconds and work twice as fast as traditional cards. With less cash processing and handling, transactions are completed at a faster rate, turnover is likely to improve, and queues are less likely to build up. As pin numbers are no longer required up to certain amounts and the transaction only requires a tap on a reader, the number of staff behind checkouts can be reduced and therefore distributed across stores to improve other areas of the customer service and shopping experience.
  2. Transaction security
    If your card is lost or stolen, you can freeze the account or contact your bank, who will ignore and make amends for fraudulent payments. Since the user only needs to touch the card to the reader, the risk of fraudulent activity or theft seems much higher. However, the protection The built-in ensures that the same transaction does not happen twice by accident, and if intercepted, the details and numbers linked to the card cannot be deciphered, as unique numbers are used for transactions that are not directly related to the card numbers. . Also, with a limit set at a small amount (€50 in most European countries), unless changed, the customer is protected against larger unauthorized purchases.
  3. Simple and effortless payment
    Contactless payments are not limited to cards. The NFC technology of contactless readers can interact with phones and connected accessories, such as watches, rings or others. The launch of Apple Pay in 2014 allowed users pay if they forgot their card or if it was out of reach, using your phone to make the transaction. This was further developed when the Apple Watch was released. You can also pay from your wallet without having to pick up your card, making the checkout process even easier for the customer.
  4. Optimal payment experience
    As a result of faster, more secure and effortless transactions, stores can see an increase in throughput and a reduction in abandoned sales as average transaction value increases when a customer is not constrained by the amount of cash they carry and the checkout process is efficient. For most contactless transactions, there is no verification or need to print a receipt on the authorization unless requested by the customer or if the transaction is of a higher value. This reduces the time a customer spends at the checkout.
  5. For banks and neobanks: brand positioning
    By offering contactless options to their customers, banks not only promote a much better customer experience, but can also offer value-added services and thus differentiate themselves from their competitors. Some banks and neobanks offer their users the possibility of using premium contactless cards in dark, gold or metallic colours. From Fazil we believe that they could be a good option for many, however we propose a 100% digital account, without the need to send cards and much less that these are plastic. Associating the Fazil card with Apple Pay or Google Pay on their devices, we allow our users to have a payment method accepted worldwide, with the Apple or Google security in transactions and the support of VISA. Create your account by entering fazilpay.com.

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