Examining the Gains of Contactless Payment
Retailers and consumers have traditionally resisted using payment cards for low value transactions. Consumers think cards are slower than cash and do not associate them with buying routine day-to-day items. Retailers see the cost of processing a traditional card transaction, often needing online authorisation by the card issuer, as unattractive and too costly for low value payments.
At the same time, everyone recognises that cash does present its own problems. As well as being inherently insecure, it is expensive to handle, and errors are commonplace.
There is, therefore, a real and sizeable market for a true cash replacement product that is faster, more convenient and more secure than notes and coins. Contactless, which combines EMV standards with wireless technology, offers just such a solution.