The Business Buzz

Comparing contactless payments to the old magnetic stripe swipe of yesteryear is like comparing the Jetsons to the Flintstones. That is to say, contactless payments are the future of payment processing. Contactless cards, mobile payments, and even biological scans represent a few of the trends in this particular area of payment solutions.

Did you know that mobile wallet payments are the fastest-growing form of payment? Did you know that Mastercard and Visa have already been testing out facial recognition payment technology in foreign markets? Did you know that Amazon has developed stores where you can check out simply by walking out of the store with your selected items?

One global event that significantly accelerated the adoption of contactless payments was the COVID-19 pandemic. Consumers bought into the sanitary nature of contactless payment processing. Not having to touch a PIN pad, they could wave their phone or mobile device over a POS to complete a payment. 

But contactless payments have lingered on beyond the pandemic. They’ve become increasingly popular because they also facilitate a rapid and smooth payment experience. Consumers like the idea of completing a payment in 1-2 seconds, perhaps even just using their smartphones.

Does your business need special hardware to process these types of payments? Not really. The latest POS terminals all facilitate these contactless payments, which are driven by NFC or short-wave radio technology. Other forms of contactless payment on the horizon include biometric payments, which are even more “contactless” than passing a phone over the POS terminal. Check out our latest blog posts to learn more about these exciting trends.