Necessity may be the mother of invention but convenience is the mother of constant innovation. What else can explain how fast money has evolved in the current century? Today money changes hands through fingerprint and face recognition software, NFC enabled jewelry, QR codes and RFID tags. All your money is in one place and you don’t even need to press a button to access it. Contactless now supersedes Cashless.
Contactless Payments in the World
Global contactless payments were valued at $7.391 billion in 2017 and are expected to rise at a CAGR of 26.57% and grow to $30.38 billion by 2023. The reason for the quick adoption of this technology is its ease of use, great convenience, and reduced transaction time.
Contactless Payment Devices
There are many contactless payment devices today ranging from cards and mobiles to wearables using NFC or RFID technology. Some of the most popular devices used for payment settlement are smartphones and smartwatches. These smart devices use facial and fingerprint recognition to access mobile wallets such as Google Pay and Apple Pay. Some markets such as China have even adopted QR codes and stickers through payments services like AliPay and WeChat Pay. QR codes are also extremely popular for use in smart parking plazas and for passing through toll booths on highways.
Adoption & Benefits
The proliferation of contactless payments follows the availability of the option at various places such as restaurants, smart parking plazas, festivals, stadiums, five star hotels, various retail outlets (grocery stores, garment stores, electronics stores). Advertisements and endorsements by celebrities and athletes, major companies and local brands push contactless payments to the general public.
The benefits of contactless payments far outweigh the negatives though. They drive the sales of contactless payment devices like fitbits, smartwatches, rings and keyrings. Retailers can customize these devices and sell them for different events and seasonal festivals. Moreover, they can also offer special discounts for payments carried out through smart devices. A very basic advantage is that contactless transactions will inevitably increase business as they cut waiting times drastically. This will save time for consumers and merchants alike. Consumers can save their precious time and they no long have to be dependent on cash. It will also reduce the weight of the bulky wallet as consumers won’t have to carry plastic cards or cash.
TPS provides all these solutions to its customers so they can embrace the future of digital payments. These options are driven through its next generation, omni-channel digital payment platform which can be easily integrated with any global system e.g. loyalty management, fraud monitoring system etc. A robust payment platform coupled with a record of successful implementations gives TPS a huge advantage, making it your perfect partner.
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