What Is a Contactless Payment Machine and Why Should I Have One?
Contactless payment is a commonly heard phrase in the cashless payment world but not everyone might be familiar with it. Contactless payment machines process payments from credit cards without you needing to insert the card into a reader and enter a PIN code. You simply wave or tap the card in front of a card reader and the payment goes through.
What devices feature contactless payment technology?
Apart from credit and debit cards, contactless payment capability is found in other devices. The technology can be embedded in stickers, key fobs, wearables like watches and wristbands, or mobile phones.
Is contactless payment secure?
Because contactless payments are authenticated with encrypted codes, they’re safer than magnetic stripe cards, which store data statically and can be easily cloned. Contactless technology is harder to clone or hack.
The benefits of contactless payment
Speed is the main reason to use contactless, suitable for consumers who are on the go. You don’t have to enter a PIN and can access an item quickly using wearables. A contactless payment machine processes transactions faster, taking about 15 seconds, compared to mag-swipe cards or EMV chip cards, which typically take double the time to process.
How popular is contactless payment?
Contactless payment machines have become common with billions of contactless credit cards in the UK, Canada and Australia, among other nations. In the UK there are a roughly 119 million contactless cards, and a third of all card transactions are contactless. In the US, banks are issuing millions of contactless bank and credit cards, and it’s estimated that by 2021, there will be 229 million cards in the US, with card transactions worth $111 billion.
In London, contactless became popular due to commuters, who became accustomed to using “tap and go” for public transport, and easily transitioned into using contactless for other payments. Later this year, New York’s subway will use the same contactless payment system for its travelers – watch for contactless transactions to sweep the city just as they did in London.
Do you have a contactless payment enabled terminal on your machine?
Introducing the option to pay via contactless payments welcomes more potential sales, and more satisfied customers, due to the speed and convenience this payment method offers. Nayax has integrated contactless payments in our VPOS Touch as well as Onyx, our contactless card reader, so you can include the convenience and speed of contactless payments into your vending operation, laundromat, office coffee service (OCS) or any other unattended machine.