How Contactless Payments Are Improving Retail Payments
🏆 THE GOAL: In this video I'm going to show you how contactless adoption is improving and impacting retail payments here in the US!
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📝 THE FACTS:
1. Outside the US, 60% of all face-to-face retail payments are done with touchless NFC-enabled devices
2. Here in the US in 2018 it was only 0.18% (just 18 of ten thousand transactions) were done with tap to pay.
3. Now that we are in the depths of the Coronavirus pandemic, contactless adoption is finally accelerating very quickly here in the States.
4.According to data from Visa, 31 million Americans tapped a card or used a mobile device for payment in March 2020, nearly 50% higher than had done so six months earlier.
5. During the first quarter of 2020 as the global pandemic worsened, Mastercard reported a 40% jump in contactless payments, which is phenomenal growth.
6. A survey of American consumers in April 2020 showed that there was a 16% drop in people likely to pay with cash, which is hardly surprising, considering that a peer-reviewed scientific studies has proven that cash carries germs.
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🔒 SECURITY:
The NFC signal is encrypted with bank level encryption, so the signal cannot easily be read by an outsider. The very short distance required for NFC to send the information makes monkey-in-the-middle type attacks very unlikely. Also there are safeguards used to prevent things like double billing. Security is actually better with NFC than the classic magstripe and is on par the the EMV chip.
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📈 RESULTS:
Now you know that as retailers we all need to be thinking about meeting our customers where they are. Your customers don’t want to handle cash. They do want to get in and out of stores quickly without touching cash or terminals. In my opinion, this makes tap-to-pay a requirement of doing business today.
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🔦 ABOUT CHARGENT
Chargent makes payments simple for you and your customers. Chargent payment enables any object in Salesforce, ensuring you get instant confirmation. With Chargent your recurring billing is set and forget! AppFrontier® - the makers of Chargent.
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CONTACT MICAIAH AND CHARGENT:
https://appfrontier.com/contact.html
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