The pandemic situation has certainly bought a lot of changes in our routine living. Not just personal life but also professional life especially those who own business are going through tough times. Those in the eCommerce industry understand the value of walking with the changes and that is why so many of the companies are now looking for new ways to start a smooth operation.
Since the health concerns have increased to a great extent, social distancing has become a necessity which eventually led to the rise of Contactless payments for the retail industry and thus reduces the contact points.
The rise of touchless payments:
Well thanks to the affordable mobile solutions and the rise of internet services, the FinTech interplay has flourished to a great extent. It has not just transformed the ethical banking ways but also may other platforms. Nowadays the customers can make different transactions and have the choice as well.
Talking of which Digital payment solution for retailers is one such fine example. Wallets, UPI, and net banking are some of its fine examples. Other than this new communication RIFD card payments and POS payments are also some other options that you may notice.
No doubt that digital payments gained popularity right after it was in the market but its demand increased post the pandemic crises which is why people are now actually switching for more of the contactless and touchless payment options.
That has created a lot of spike amongst the retailer especially those who have been dealing in cash. They literally must spend on the additional cost of equipment for their digital transfer. But ideally, this Retail payment solution has proved to be bliss in many ways for the retailers. Let us explore how.
- Seamless shopping experience:
With contactless payment, there is a better shopping experience that a customer can enjoy. But parallel even retailers can give a quick payment process done through the P2P payment app over the traditional mode of payment. Besides, they have now improvised throughout for the merchants through quick transaction time and even fewer lines.
That is why there has been quite a decline in the sales which ones were abandoned. This can be useful for the retailers who have got quite huge customers volume where the service speed is important such as a coffee shop and even the quick service restaurants.
- Secured transactions:
Thanks to contactless payments, customers and retailers can have a much convenient way to perform the transaction. But also, they can stay worry-free against any fraud. Wondering how Well, the touchless payments are designed on the similar technology of the security like the EMV chip transaction and whether it is the contact chip card tor the contactless digital transaction or the card on tap option, the retailers and consumers can have the peace of mind because of its inbuilt enabled encrypted code that offers protection.
Furthermore, even research shows that retailers who have finished the upgraded have noticed nearly 87% of the fall in the fraud payments that are usually associated with the card since the U.S has shifted to the EMV chip solution from 2015 onwards. More than 3.7 million of the locations are now accepting EMV chip cards because of which there has been quite a good increase in the payment volume
- Cutting-Edge Technology:
The contactless payment is one fine example of the cutting-edge technology for Merchant payment solution which has proved to be a boon for our world today that is going through COVID-19 crises. The government regulators along with financial institutions have worked together on protecting the customers and even retailers against any kind of security issues happening.
Thanks to the concept like tokenization which is now the state of the art technology, it is not just the customers but also merchants don’t have anything really to fear. The technology has now been using the algorithm of proprietary for creating the unique alphanumeric identifier which simply hides all the crucial data.
- Payment Management:
Since retailers are now being called upon for supporting different payment ways, the ability to blend and manage the non-challenge has become important. The ideal partner shall offer the single intact point so that they can access the transaction records and even chargeback status at different channels along with the reports that could be customized with the real-time fraud monitor solution.
- Making Business Future-Proof:
It is not just better security technology but also the contactless payment offers the new style of performing the transaction. As we have learnt about EMV previously which is a convenient technology to process the card transaction, it is also one step for the future-proofing payment.
Any kind of terminal that may accept the contactless cards can also choose alternate contactless factors like watches, mobile wallet, and some other kind of wearable. If you are planning to opt for the EMV Chip technology then get the contact EMV chip-enabled that work as Self-Checkout payment solutions. Since consumers are preparing themselves for a better payment option, with such a solution, retailers can make their business ready for further changes taking place in future.
- Embedded Payments
Payments are not just some standalone service but also the user journey part which now extends to the after-sales support and even purchase intent. It is not just the cash register but payments if blended well in the business solution can include the operations, marketing and even supply chain. Merchants will look for a better outcome that shall cover the complete life cycle of pre-purchase and even the post-purchase interaction.
There is no doubt that touchless payment is the best technology that has been introduced which is spreading like a fire. The government is now inviting more retailers to be a part of it so that they can reduce physical contact during the processing of the payment. Whether it is the fast checkout or the payment convenience to improve the operational efficiency, touchless payment along with bringing peace shall also help in quick billing solution and can be decision for future of the retail industry.
Nikunj Gundaniya, Product manager Digipay.guru, one of the leading wallet app development company USA, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.