How Contactless Payments Can Benefit Your Business

Contactless payments have grown in popularity during the COVID-19 pandemic, with many consumers using them to avoid touching and getting exposed to germs while making purchases. If your company hasn’t joined the trend now, it’s a good time to think about the benefits this technology could bring to you.

A contactless payment is made by placing a chip-enabled debit mobile device or card on the terminal at checkout, which then transmits a transaction to the card issuer to authorize. The card will be requested to confirm the transaction by a checkmark or by a sound.

The advantages of secure contactless transactions are substantial. Contactless transactions are authenticated. In contrast to magnetic stripe cards which are easily copied by skimming devices. Only the bank that is registered has access to transaction details. Typically an individual’s signature or PIN is not required for transactions that are contactless, but the cardholder’s credit card issuer may require verification for transactions that exceed an established floor limit which is then communicated to the merchant by the issuer of the card via a chip embedded in the card or mobile device.

Customers can also make contactless payments with their smartphones and wearable devices, like smartwatches. By connecting their card with a digital wallet like Apple Pay they can use their smartwatch or smartphone at the point-of-sale to make purchases. Our mobile app allows you to manage your card’s settings. N26 accounts are the ability to create a virtual Mastercard with contactless capabilities.

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