What are the benefits and advantages of contactless payments?
There is significant momentum in the marketplace to add the option to make payments via contactless payments to charge, credit, debit, prepaid, and gift cards in both consumer and corporate card programs. Initial results indicate that contactless payment provides significant benefits for all stakeholders. Benefits and advantages of contactless payments include: • Consumers like the speed and convenience of contactless payments. They no longer need to swipe their cards or carry cash for lower value transactions. • With contactless payments, financial institutions can increase transaction volumes by capturing transactions typically made using cash. In addition, they can differentiate themselves with innovative new form factors to enhance loyalty and retention. • Contactless payments use the international standard ISO/IEC14443 for contactless communications that is being adopted worldwide for financial payments and leverage the existing payments infrastructure which has supported payment
There is significant momentum in the marketplace to add the option to make payments via contactless payments to charge, credit, debit, prepaid, and gift cards in both consumer and corporate card programs. Initial results indicate that contactless payment provides significant benefits for all stakeholders.
