Why all businesses should rate contactless cards
The benefits of contactless payment systems are becoming more and more obvious as the technology continues to develop and see wider use, with debit card use projected to reach 49% of all transactions for a combined 19.7 billion payments by 2027, according to UK Finance.
Cash is a theft magnet because it’s so easy for thieves to take paper money relatively anonymously and spend it without leaving a trail. When the payment process is digitised, it makes it basically impossible to spend stolen money without a trail forming in your wake.
Customers are always going to choose to spend their money with businesses that are able to offer them the most secure payment methods possible. It’s not only a guaranteed way to lure customers, but it also works for all-important customer retention, because if your customers trust you, they’re also more likely to become loyal to your brand.
Contactless payment methods are arguably the fastest way for a customer to pay for their goods, which is going to benefit you as a business. Imagine you’re in your busiest period during the day with a long line of customers. Contactless payment options will be a godsend.
It’s a great way to appeal to a wide range of customers too, there are always going to be differences in usage relating to age group and geographical location, but UK Finance assert that there is no age group which falls under a 50% usage of contactless payment methods.
When all you need to do to pay for your goods is touch your card up to the contactless payment device, it’s pretty difficult to go back to digging out money from your purse or sticking your card into the reader and waiting for it to register.
The development of debit card usage is only going every to continue to see wider growth, and this report predicts that the vast majority of those payments are going to be done via contactless means. This means that the onus is on businesses to harness and adapt to the emerging contactless trend.
March 11, 2019