Contactless Payment Systems often includes Cashless Payment systems where both credit cards and debit cards may be swiped through the credit card reader. However, in addition to that, other contactless payment technology has now been incorporated into these units which includes accepting Master Card PayPass, Visa payWave, ApplePay, Google Wallet cards and so many more that allow customers to “Tap and Go” with no PIN number entry required all by using an android smart phone or iphone. This process is also called Near Field Communication Technology, more popularly referred to as (NFC). This technology is exploding today and the race is on by a long list of big name providers, many of whom are forming technology partnerships, coops and making major acquisitions that are too numerous to mention. The technology race is moving forward at a dizzying speed with new innovations and patents every day and with no end in sight. I would say that in spite of how far this technology has come and the tremendous benefits and convenience it has brought both the retailer and the consumer, we are really just seeing the tip of the iceberg.
Contactless Payments also referred to as Frictionless Payments due to the fact that no physical contact is made with the machine is now booming in all industries and around the world. This technology is here to stay and will eventually become the payment method of choice making it the new normal standard.