January 31, 2018 Admin

Mobile Payment Apps are the Future

In this article, we’ll be discussing the latest trends in why retailers need to adapt to mobile payment technology in order to survive in a rapidly growing market. Business should consider adapting to the latest technology by NFC Contactless. Allowing your business to adapt will ensure that potential customers will find it convenient to order with you. Smartphones are in the hands of everyone virtually everywhere – don’t let your biggest market slip away from you because of laziness or hesitation.

Also known as Near-Field Communication technology, the NFC Contactless technology allows bits of data to be wirelessly transferred between the customer and you. This is typically done between tablets or phones.

How Does a Payment App Work with Near-Field Communication?

  1. When you install a mobile payment app to either a tablet or smartphone device that has iOS, Android, or Windows, the customer can directly pay through a simple hit on their phone when they’re standing at your business’s point-of-sale terminal. They don’t have to go through multiple steps either, as it’s a one-step only process.
  2. Now, others may think, “doesn’t this compromise my security?” and the answer is no: customers information is protected and secured, while eliminating the idea of carrying around the personal identification numbers or other credit cards. In short, this could be a safer option, while being more convenient. Customers won’t even have to punch in their PIN number at the cash register!
  3. A solution that’s quite promising for customers is that smartphone devices allow customers to use their smartphones conveniently for payments without having to present their credit card or debit card at the cash register.

The readers provided by Biometric have been making great strides in the payment market of the business world. The payment processing app must be installed on the smartphone of the customer that’s paying. Once this is done, their convenient future starts, as they begin reaping the benefits of a retinal-inspired scanner versus swiping in another point of sale system. The latter doesn’t provide nearly as much convenience as those that use a device that’s already out, while eliminating the idea of presenting a credit or debit card.

NFC Provides Innovation, Reliability, Security, and Accessibility

Innovation is one word that comes to mind thanks to the ever-adapting market of mobile payments. Contactless mobile payments are an innovative invention in today’s payment processing market – this is especially so compared to the new chip reader requirements everywhere, which extends the time a consumer must wait for payment processing. Instead of going backwards, let’s go forward.

The reliability of NFC technology is all thanks to the constant required interaction between a business and a consumer. Furthermore, consumers are more likely to want to indulge in this new contactless technology because of the security benefits that it reaps – adding that additional layer of security while eliminating the need for carrying around personal information in their wallet.

The increased accessibility further benefits businesses and consumers, allowing merchants to handle an influx in volume for traffic that’s in-store, as it reduces the time each consumer is at the point-of-sale terminal. If you wish to learn more about implementing and integrating NFC technology within your business, please contact Royal Debit at +1 (416) 986-3342 today.