Contactless Payments in E-Commerce
Contactless payments offer customers an efficient and quick method of checkout on an e-commerce website. Unlike traditional methods like credit and debit cards that require physical connection between their card and the point-of-sale terminal for data transmission, contactless payments allow users to make purchases simply by using NFC technology to exchange digital information quickly over short distances.
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Contactless payments have quickly become the preferred payment method in online commerce due to their convenience and safety benefits. A recent Mastercard study discovered that 79% of global consumers currently utilize contactless payment methods; 87% plan on continuing using them after any pandemic outbreak occurs.
Contactless payment methods provide a safe, efficient alternative to other forms of payment such as cash or magstripe cards. Transactions made using contactless technology are secure as the device holding information remains within close proximity to a reader during transactions; furthermore, data encrypted during these processes cannot be replicated or falsified like with magnetic stripe cards or cash transactions. Furthermore, contactless transactions take only 12.5 seconds per transaction which makes them significantly faster than conventional methods like scanning barcodes or keying in PIN numbers.
Consumers have two options for accessing their credit or debit cards: either using digital wallets such as Google Pay, Apple Pay and Samsung Pay or tapping their contactless chip-enabled devices to make purchases – or they can make use of contactless chip technology integrated in devices to use contactless payments directly. Many popular digital wallets can be found via smartphones, tablets and smartwatches such as these three; with tokenization services used to obscure card numbers being popular with banks and card issuers.
While contactless payments offer convenience and security, not all consumers have access to it and/or the budget to purchase new devices/apps that accept contactless payments. Furthermore, companies that don’t accept contactless payments could lose out on valuable revenue streams.
Though more consumers have begun adopting contactless payments during this pandemic, not all retailers offer them as an option. This could be due to concerns that switching would reduce customer numbers or not having enough space available for accommodating more contactless devices.
E-commerce sites that hope to capitalize on this growing trend must offer both an online and in-store version of their checkout process, creating a smooth experience that provides optimal service to each customer. A payment solution which supports both options would ensure customers enjoy the best possible shopping experience.
Rock Technolabs provides contactless payment solutions for e-commerce. If you’re interested in improving the user experience through contactless payments, get in touch with us immediately – our team of experts are standing by to design, develop and launch solutions that can help expand your business into the contactless economy.
