Mobile pay solutions, such as Apple Pay, Android Pay, Samsung Pay, and contactless payment options, are garnering a lot of attention in the industry. In additional to these mobile pay options, research predicts that in 3—4 years, 50% of EMV cards in the U.S. will also have contactless capabilities.
Society is continuously in search of simpler means to perform tasks and faster methods to complete goals. Contactless payments have the ability to provide a fluent customer experience. Since technology enables these functions, it has transformed convenience into expectation.
Contactless payment solutions are a technology that:
- Provide a more convenient payment option
- Improve the perceived customer transaction processing time
- Offer a safer and more secure way to pay
Studies show that the average person checks their phone 35—46 times a day. People are using their phones more than ever for financial transactions since the release of mobile payment options. As more and more people become heavily dependent on their phones for most things, consider how convenient it would be to provide a quick scanning option at the pump.
Chase, MasterCard and American Express have all reported contactless transactions to be 63—53% faster than cash and the traditional credit card. As the demand for these attributes continues to grow, consider implementing contactless payment at your forecourt.
According to Convenience Store News, fuel retailers lost more than $250 million to credit and debit fraud in 2014. Maintaining payment security is imperative to establishing customer confidence. Ensuring you have the proper, secure equipment not only protects your business from chargebacks and your customers from fraud, but also protects your brand. With 40% growth predicted for mobile payments by the year 2020, contactless customers will become a valued market to tap into, making mobile a powerful customer service that will provide stability and growth for long-term success.
So, as you are scheduling your updates for EMV, why not consider contactless payments as well?