Contactless payments estimated to hit $100 billion by 2018.

14-Apr-2016

Unless you have been living ‘out bush’ for the last few years you will have experienced the option of paying via TAP n GO when making payment for something by credit or debit card.

Also referred to as Pay Wave and Pay Pass this is a contactless payment method that allows you to pay for items by card while not entering your PIN number. It takes just seconds for the payment to be authorised.

Research just completed by Juniper Research has recently announced that it expects contactless payments to reach $95 billion per year by 2018. This is an increase from just $35 billion last year.

The research goes on to detail the emergence of ‘connected wearables’ that are enabled to allow the wearer to make payment. This term refers to smart watches and other wristbands that are embedded with contactless payment technology. With 9 million Apple watches already shipped world wide this is far outshone by the number of NFC-capable smartphones now in circulation. This includes the Apple iPhone. NFC stands for near field communication and is the technology behind contactless payments.

With these stats in mind it is not surprising that IF EFTPOS our EFTPOS brand is seeing a massive increase in the number of businesses wanting to upgrade their old EFTPOS terminals to a new TAP n GO enabled device. Consumers are so used to using contactless technology and the research from Juniper Research only compounds the fact that demand for this method of payment is only going to grow.

Contactless payment technology also speeds up the time it takes to perform a transaction. This means that more customers can be served, reducing queues in store and consequently increasing sales.

If your business still does not offer contactless TAP n GO technology get in touch with the team at IF EFTPOS today about upgrading your EFTPOS machine.

 


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