Is Contactless Payment Here To Stay?

The world is changing rapidly with digital transformation. Everything ranging from work culture to payment is nowadays in the digital form. Contactless payment or digital payment is gaining immense popularity in this age and is a must during these pandemic times.

Are digital Payments Safe?

Contactless payment can be done through many ways like the swiping of debit or a credit card, paying directly by scanning the QR code with mobile, or directly sending the money to someone via internet banking. All of these methods are extremely fast and safe and are very easy to use as well.

Advantages of contactless payments: –

• High Speed – With contactless payments transaction takes place within seconds and the receiving party is also notified of the same within seconds. There is no paper work like counting of the cash or human error here. All a person needs to do is put in the right amount and his pin for the gateway and its done. The recipient doesn’t even have to do anything he or she will be directly notified by the bank on the arrival of funds to their account.
• Secure – One of the major advantages of contact less payment or digital payment is that there wont be any fake notes here. This is extremely safe and in the event your card goes missing you can block the card directly through your phone or by calling the customer care. Know this even if the card is stolen the person would still need your pin to do any transaction which makes it more safe and secure.
• Better Customer experience – With contact less payments people need not worry about having low cash with them or running out of cash. Everything can be done with just a swipe and is really easy to carry. Unlike old times where in a person needed to put all the money in a suitcase and carry it around, people can now just take the card in their wallet and be freer and easy going.

Future for contactless payments: –

• Contactless payments will take over cash – The traditional monetary cash will be soon fully replaced by contact less payments as this are very easy as compared to traditional way. Since the covid 19 pandemic there has been a huge surge in contact less payment. More then 35% of the small businesses shifted their operations to contact less payments and this has yielded them better results as well.
• Flaws are being addressed – Even though contact less payments are widely accepted there are many flaws which are being worked on by the companies. Some of the include: – 

1. Wait for the person to get you the swiping machine
2. If transferring amount via mobile have good cellular coverage so that the transaction goes through.

• Cryptocurrency – Crypto currency is the most talked future of contact less payment. Although the concept is pretty simple that there will be no banks in the between the sender and the receiver it seems bit hard for the common people to understand. However, it is to be noted that cryptocurrency is being accepted slowly in many of the major places. El Salvador becomes the first county to make crypt currency as a legal form of transaction and is also educating the normal people on how to use it.

The one drawbacks of contactless payments are the scammers, many times people receive anonymous emails stating that they have worn so and so amount, and for this to be transferred they need to put in some personal details. By using these personal details, the scammers get their way into the user’s account and transfer the money online. Only when the money is debited is the user notified and by then it’s too late.

Contactless payments have their own merits and demerits, and people should learn everything fully before doing any monetary transaction. There are many how-to guides provided by the banks that help a person in making online payments and trains the person on how to use it more effectively which making any mistakes. However, it is to be noted that contactless payments are here to stay and have good future adoption.

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