NFC mobile payment processing allows retailers to make use of their contact-free point of service terminal to accept payments via customer’s mobile devices. Royal Debit facilitates retailers by helping them offering a phone tap POS terminal that works with a corresponding Smartphone application installed on the consumer’s mobile device. Forget about cash, customers can even shop to their heart’s desire without the need of a credit or debit card. NFC works by connecting the POS terminal and the Smartphone via a Secure Element chip, which is authorized via the NFC.
MasterCard & Visa of Canada offers NFC contact-free payments all over the country. These payments are made possible through the POS terminals available to retailers nationwide. It makes completing purchases quick and easy for consumers and payment processing more streamlined for merchants. Now that mobiles have the ability to function as mobile wallets, MasterCard Pay Pass and Visa PayWave are becoming the preferred method of payment in markets nationwide. For retailers that have high amounts of walk-in retail traffic, rapid processing times at the point of purchase is essential to retain customer turnover. Royal Debit offers great processing options for merchants who want to get the most out of their contactless POS terminal reader.
According to recent reports published by RBC, contact-free mobile payments have finally started to gain popularity. As written in the same report, 15% of the NFC equipped phones worldwide will be utilized to make contact-free in-store payments at least once a month by the end of this year. Mainstream mobile payment options that support NFC technology which includes merchant services, smart devices, and banking institutions became standard at the end of 2017. Leading into the future you can expect merchant services such as Royal Debit to support processing via these portals at an affordable rate. This allows merchants to offer their clients improved customer service and purchasing experiences.
How NFC Mobile Payment Processing Benefits Merchant Services
More than two-thirds of retailers in Canada have improved their merchant services by offering their customers the option to pay for their goods via a contact-free interface. As a result, the demand for “Tap & Go” point of sales terminals has increased greatly in all retail markets. To bring that into perspective, in Canada, that would mean 20% of domestic transactions are processed through contact-free terminals, and this number is only set to increase, around 10% monthly. As a merchant, you can expect the popularity of “Tap & Go” NFC contact-free payment options for mobile to increase as time goes by.
If you are in need of more information, then please do not hesitate to give Royal Debit a call at 1-800-953-9505 to see how we can help.