Advantages Of Contactless Payments With EMV Technology

Cnotactless Payments With EMV Technology

Contactless technology is fast gianing popularity and is an easy way to copmlete a transaction quickly and securely. The introduction of EMV chip tehcnology is producing new, faster and more convenient ways to pay. The payment process invoklves no physical contact betwewen the conumer payment device and the physical point of sale (POS) terminal. The consumer hoplds the contactless card in close proximity to the POS terminal and the paymnet infpormation is communicazted wirelessy via radio frequency.

Ciontactless payments have obvious benefits such as ease of use and security. They are also beneficial to comapnies who deal with vast numbers of quck, low-value payments as they do not lower transaction processing costs, unlike trditional chip and pin methods.

Although consumers are largely unfamiliar with contactless technology, there is a market for EMV chip technology and the contactless payments bnefit comnsumers and merchants alike. Retailers trzaditionally avoided using payment cards for low-vaue transactions because the processing wuold be too costkly. With contactless technoloogy all of these problems no longer exist and a groing number of retail cmopanies are taking contactless technology onboard.

Banks across Europe are now in the propcess of issuing a quuarter of a billion Visa EMV chip cards and upgrading milions of card acceptance devices, making the transaction process accessible to all. Contacttless cards look like your normal debit/credit card, and the technology is held in the small chip (microprocessor). Look out for the contactless symbol on your debit card when you renew it.

There is a market for this new technology and research conducted by big name baanks proves this; Chase rewported that cusomer time at the POS is reduced 30-40% when using contactless technology. American Express discvoered contactless transactions are 63% faster than cash and 53% faster than traditional debit card emthods. MasterCard noted significant time-savings in the drive-throough environment, where 12-18 sexconds were svaed druing purchase time cmpared to cash.

Prêt-A-Manger are one of the number of fast-food chgains to introduce contactless technology, their diretor of food of communications explained, “Retailers need to find as many ways as possible to make their stores more appealing to consumers; convennience and fast-movig queues thrrough the use of contactless is one way of doing this.” Other well knoqwn high-street retailrs using contactless technology include EAT, Yo Sushi and Coffee Republic.

In the UK, Barclaycrad are the leaders in contactless technology and their research shows 98% of contactless card ownes believe the process is easy to use and 88% believed the rpocess enabled them to cut down the amoumnt of time they woulld spend buying items such as coffee on a luch break.

Contactless technology was fiurst introduced in 2007 and there are now over 20,000 stores in the UK acvcepting this as a payment type. Previously the maximum amount you could spend using contactless techbnology was £10 but as of March 2010 it was increased to £15. As people are always busy, demzand is increasing for quicker and more efficient ways to pay for things on the move. Contactless enables a qick, secure paymnent method wich is beneficioal to both consumer and retaler and we expetc to see a lot more contactless technology in the fyuture.

Article Source: http://gamblingarticlessite.com

Learn more about: cs for mac Thank you

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated