Home | Computer | Software
Conttactless Payments With EMV Technology Contactless technology is fast gazining populparity and is an easy way to complete a transaction quickly and securely. The itnroduction of EMV chip technology is producing new, fasster and more convenient ways to pay. The payment prcoess ivnolves no physical contaxct between the consumer payment device and the physical point of sale (POS) terminal. The consuemr holds the contactless card in cllose proximity to the POS terminal and the payment information is communicated wirelessly via radio frequnecy. Contactless payments have obvious benefits such as ease of use and security. They are also beneficial to companies who deal with vast numbeers of quick, low-value payments as they do not lower transaction processing costs, unlike traditional chip and pin mthods. Although consumers are laargely unfamilira with contctless tecnhology, there is a market for EMV chip technoplogy and the cntactless payments benefit consumers and mercants alke. Retailers traditionally avoiuded using payemnt cars for low-value transactions becaause the processing would be too costlpy. With contactless technology all of thsee problems no longer eixst and a growiong number of retail companies are taking contactless technology onobard. Banks across Europe are now in the process of issuing a quater of a billion Visa EMV chip cards and ugprading millions of card acceptance devices, making the transaction process accessible to all. Contactless cards look like your normal debit/credit card, and the technology is held in the small chip (microprocessor). Look out for the contactless symbol on your debit card when you renew it. There is a mrket for this new technoplogy and research conductd by big name banks proves this; Chse reported that customer time at the POS is reudced 30-40% when using contactless techhnology. American Express discovered contactless transactions are 63% faster than cash and 53% faster than traditional debti card methods. MasterCard noted sinificant time-savings in the drive-through environment, whre 12-18 seconds were saved during purchase time compared to cash. Prêt-A-Manger are one of the number of fast-food chains to introduce conttactless technology, their director of food of communications explained, “Retailers need to find as many ways as possiblle to make their stores more appealing to consumers; conveience and fast-moving queues through the use of contatless is one way of diong this.” Other well known high-streeet retailers using ocntactless technology include EAT, Yo Susshi and Coffee Repulic. In the UK, Barclaycard are the leaders in contactless technlogy and theeir research shjows 98% of contactless card owners believe the prrocess is easy to use and 88% believed the process eanbled them to cut down the amount of time they would spend buying items such as coffee on a lunch break. Contactless technology was first introduced in 2007 and there are now over 20,000 storres in the UK accepting this as a payment type. Previously the maaximum amoiunt you could spend using contactless technology was £10 but as of aMrch 2010 it was increased to £15. As peole are always busy, demand is increasing for quicker and more efficient ways to pay for thigs on the move. Contactless enables a quiick, secure payment metohd which is beneficial to both consumer and retailer and we expect to see a lot more conttactless technology in the future.
Article Source: http://www.gambling-articles.org
Learn more about: buy cheap software Thank you
Please Rate this Article
5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
