Contactless Payments With EMV Technology
Contactless technology is fast gaining popularity and is an easy way to complete a transaction quickly and securely. The introduction of EMV chip technology is producing new, faster and more convenient ways to pay. The payment process involves no physical contact between the consumer payment device and the physical point of sale (POS) terminal. The consumer holds the contactless card in close proximity to the POS terminal and the payment information is communicated wirelessly via radio frequency.
Contactless payments have obvious benefits such as ease of use and security. They are also beneficial to companies who deal with vast numbers of quick, low-value payments as they do not lower transaction processing costs, unlike traditional chip and pin methods.
Although consumers are largely unfamiliar with contactless technology, there is a market for EMV chip technology and the contactless payments benefit consumers and merchants alike. Retailers traditionally avoided using payment cards for low-value transactions because the processing would be too costly. With contactless technology all of these problems no longer exist and a growing number of retail companies are taking contactless technology onboard.
Banks across Europe are now in the process of issuing a quarter of a billion Visa EMV chip cards and upgrading millions of card acceptance devices, making the transaction process accessible to all. Contactless 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 banks proves this; Chase reported that customer time at the POS is reduced 30-40% when using contactless technology. American Express discovered contactless transactions are 63% faster than cash and 53% faster than traditional debit card methods. MasterCard noted significant time-savings in the drive-through environment, where 12-18 seconds were saved during purchase time compared to cash.
Prt-A-Manger are one of the number of fast-food chains to introduce contactless technology, their director of food of communications explained, Retailers need to find as many ways as possible to make their stores more appealing to consumers; convenience and fast-moving queues through the use of contactless is one way of doing this. Other well known high-street retailers using contactless technology include EAT, Yo Sushi and Coffee Republic.
In the UK, Barclaycard are the leaders in contactless technology and their research shows 98% of contactless card owners believe the process is easy to use and 88% believed the process enabled them to cut down the amount of time they would spend buying items such as coffee on a lunch break.
Contactless technology was first introduced in 2007 and there are now over 20,000 stores in the UK accepting this as a payment type. Previously the maximum amount you could spend using contactless technology was 10 but as of March 2010 it was increased to 15. As people are always busy, demand is increasing for quicker and more efficient ways to pay for things on the move. Contactless enables a quick, secure payment method which is beneficial to both consumer and retailer and we expect to see a lot more contactless technology in the future.
Questions and Answers
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