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Adopting contactless payments is the new competitive advantage

Refined Editorial Team
October 29, 2020

Accepting contactless payments, such as Apple Pay, Android Pay, and tap-to-pay credit cards, can help businesses protect their customers, employees and profitability during the coronavirus pandemic and beyond.

Contactless payments, as the name suggests, do not require any physical contact between the consumer’s smartphone or credit card and the payment terminal.  As a result, the hygienic safety for contactless payments is higher than it is for traditional payment methods.

Contactless payments also help to reduce checkout time.  A study performed by Refined in September 2020 found that contactless transactions were 50.08% faster on average than chip-enabled card transactions.  The faster customers can pay, the easier it is for businesses to serve more customers while promoting a safe social distance.  Also, contactless transactions have the highest level of payment security currently available.  Every contactless transaction includes a one-time use cryptographic code that prevents counterfeit fraud.

More than half of Americans (51%) now use contactless payments, according to a Mastercard poll.  Increased concerns over the cleanliness of frequently touched surfaces and objects have contributed to a rise in customers who view touch-free payments as their preferred method of payment.

Apple Pay, Android Pay, and tap-to-pay credit cards account for the majority of contactless transactions across the globe.  According to Visa, 84 of the top 100 merchants in the U.S. currently accept contactless payments.  Contactless payments were front and center during Apple’s first quarter earnings call of 2020.  Apple’s CFO Luca Maestri explained that leading grocers around the world including Trader Joe’s, Woolworths, and Lawson’s offer Apple Pay so customers can use contactless payments.

We believe it is imperative for businesses to adopt contactless payments because they help to reduce health risks, decrease transaction time, and are considered one of the most secure and popular payment methods among today’s consumers.  Businesses should adopt contactless payments in order to remain competitive due to the advantages they offer customers.  All payment systems deployed by Refined are programmed to accept contactless payments right out of the box. 

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