Far from being confined to the automotive, manufacturing, or corporate sectors, the reverberations of the technology boom have been felt far and wide. This includes within the finance world generally and the payments industry specifically.
Most consumers are giving up on the concept of carrying cash when going shopping. Going “cashless” is the new norm. Accordingly, innovative payment technologies like virtual terminals and NFC contactless payments such as Apple Pay or Samsung Pay, have become increasingly popular.
NFC is an acronym for “Near Field Communication” and is the technology that allows the information on a customer's card or phone to be read from a few inches away, without any physical contact. NFC contactless payments are fast, convenient, and safe.
NFC contactless payments, which first came onto the payment scene in 2011, are now expected to become even more popular given the COVID-19 outbreak. No one really knows when the world will fully return to “business as normal,” which has caused business owners to design strategies that can help them maximize their profits now and in the future.
Many consumers are being cautious and will likely continue exercising caution. Even after COVID-19 is eliminated from the world, shoppers may still be weary of using cash or physical credit cards. Tht means NFC contactless payments should continue to gain popularity, as they minimize physical interaction even while shopping at a brick-and-mortar store.
Are NFC contactless payments the future?
While there are many payment solutions out there, given the present situation, NFC contactless payments should become the new preferred way to pay for services and goods. The fact that these types of payments do not require a physical connection between the POS terminal and a user’s device makes them the possible future of payments. Many types of businesses have already adopted NFC contactless technology, whether its accepting digital wallets at the cash register, or in the form of gasoline “speed passes,” or transit cards, just to name a few.
So, should you make NFC contactless payments a part of your payments ecosystem? If your current financial situation and customer traffic allow you to, you should strongly consider investing in the hardware and software you need to seamlessly accept NFC contactless payments now and in the future.