During the pandemic, USA Technologies conducted a study among organizations that demonstrated changes in behavior and payment processes. USAT examined key trends among customers that have appeared. Primarily, the survey results mentioned transitions in form of payment and variations to products and services provided due to changing customer requirements.
The cashless terminals evaluated have seen an average increase of 51 percent of revenue per system, with 61.7 percent of total sales made with cashless transactions in July 2020, compared to 53.1 percent in January 2020. Many in the industry are currently not providing a cashless solution have been trying to integrate this payment mechanism in their business model due to the rapid implementation of digital payments
Theoretically, the purchase is received as the antenna on the chip on the card connects with the reader on the POS device with radiofrequency waves in contactless payment. Contactless payment system also allows NFC-enabled smartphones to the used as payment terminals by tapping on the screen. If your card or your phone if has an NFC feature, you can put your phone closer to your POS device in a brief period of 1-2 seconds. Without the need for money exchanges, you can make your payment.
Mastercard, on the other hand, has announced the findings of a global study that shows that the outbreak of COVID-19 is driving the acceptance of cashless transactions. 79% of participants reported that they are now utilizing contactless payments, with much mentioning health as their key reason to do so. To that purpose, 82 percent of those surveyed decided that contactless purchases were safer than alternatives such as cash payments by touching.
- There are many Americans who haven’t used contactless payment now considering this method and started to embrace it. About a third of respondents changed their top-of-wallet card to a card that provides contactless functionality in the coronavirus due to protection and usability issues.
- Public safety and functionality perceptions have created a demand for contactless payments and have introduced the convenience of touchless life. Worldwide, 46% of participants switched their top-of-wallet card with one that allows PayPass service. 51 percent of persons in the Asia Pacific have chosen this change.
- Because of the protection and peace of mind it offers, COVID-19 has raised questions regarding cash use and contributed to optimistic views about contactless payment methods. Most of the people(82 percent) see contactless payment as the safer way of paying, with the same being said by 80 percent in the Asia Pacific.
- Contactless purchases are up to 10 times quicker than most ways of the in-person transaction, allowing shoppers to get more easily in and out of the shops.
- Now, people in the world are in a change phase in which buyers make transactions online heavily. However, new areas that people consider online purchase such as pharmacy or grocery needs besides clothing or decorative items.
- As 74 percent of individuals worldwide and 75 percent in the Asia Pacific say they will proceed to use contactless even the pandemic is over and hence, we can say that this shift seems to be here to remain.
At checkout, try cleaning your credit or debit card frequently whether you use it for tapping or conventional approaches, such as swiping or inserting your card. Probably, the next time you wash your hands, you might wish to sanitize your card.