Contactless technology revolutionizes everyday purchasing experiences of consumers throughout the world. This ramps up the demand for a powerful product that will provide support for contactless payment applications. One of the most significant reasons that contactless payment technology is adopted rapidly is that it’s a win-win for all parties involved: consumers, merchants, and banks.
Contactless payment cards use RFID or near-field communication (NFC) technology to transmit payment data to a card reader when a consumer taps the reader or waves the card within a few centimeters of the device. Consumers don’t have to swipe or dip their cards and wait for authorization.
Similar to chip cards, contactless payment transactions are accompanied by a one-time security code that’s unique to that transaction. This protects your payment information from being used for future unauthorized purchases. And unlike cash, contactless payments provide an electronic record of your purchases and give you the ability to add a tip, get cashback (where available) and more.
Contactless payments give consumers a quick, convenient and secure option. It also helps merchants and banks in building customer loyalty — and also for businesses to deal with quicker payment solutions.
To know about the latest payment technology, experts from the industry will be providing their unique perspective on the Panel Discussion – From war of Cards to war of Wallets and now cryptocurrency at Internet Commerce Summit held at ITC Gardenia, Bengaluru.
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Senior Researcher, STSM and Manager, Retail and Distribution, Industries Research | IBM Research