SMEs need to look to it as an opportunity to differentiate themselves from the competition, and provide a seamless experience that keeps their customers coming back time after time.Fast, simple, secure Its fair to say that the contactless payments revolution is already in full swing; more than 2.5bn was spent in the first half of 2015 alone, with more than 69m such cards in circulation, according to the UK Cards Association. However, while contactless payments have been around for several years, it is only in the last few that it has become mainstream, and something that all businesses large or small need to think about adopting. The underlying technology involves a tiny antenna which is placed inside the consumers credit, debit or charge card, mobile device, key fob or wearable device. When it is placed against the contact terminal, the relevant data is sent between the two and the terminal contacts the issuing bank to OK the transaction. Its fast, simple and highly intuitive exactly what todays time poor consumers demand. Already big high street names, including Pret a Manger, Wetherspoons, and Boots, have signed up to contactless payments. Transport providers like TfL and Stagecoach are also supporting the method, which will help increase user familiarity with the standard. Business owners need to ensure they are keeping pace, or risk customers being lured away to the larger chain establishments.
Read more on contactless payments:
- Majority of the UK’s shoppers willing to pay via wearable devices
- Visa contactless payments smash one billion mark across Europe
- British businesses respond to UK launch of disruptive retail channel Apple Pay
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