The COVID-19 pandemic changed a great deal around the world, in daily life and in trade alike. Now that the situation has eased, many of those changes have fallen away, social distancing among them. But some proved to be changes for the better that customers genuinely took to, and contactless payment is the clearest example: it grows more popular by the day, as the figures below show.
Number of contactless transactions worldwide from 2013 to 2021, with forecasts from 2022 to 2026, by region (in billions): Source
The figures show that contactless payment is more popular than it has ever been, and that it will remain the payment method of choice from here on. So is your business ready to accept it?
What makes contactless payment so popular
Contactless payment is not a passing fad. Customers around the world are taking it up in ever greater numbers. In 2022, the number of users in Southeast Asia passed 140 million up from 137 million in 2021, and the figures also reveal that Thailand has the highest contactless acceptance rate of all, at 94%.
As for why, beyond simply growing used to the convenience, there are three more reasons worth knowing about, so you can keep your business in step with the times.
1. Speed (less time at the till, less contact)
One of the things customers love about contactless payment is how quick and easy it is. Just hold up a phone to scan, or tap a card, and the payment goes through in 1-2 seconds
That speed and simplicity is also why more customers now go out without cash at all. Visa Consumer Payments reported that in 2022, over 55% of Malaysian consumers carried no cash whatsoever in daily life, up 13% on the year before.
A bank card or a phone is all you need to get through the day. No wallet to carry, no fuss over large notes and small change, no coins in your pocket. That ease and freedom is exactly what has won so many people over.
2. Security (protection from fraudsters and theft)
Believe it or not, contactless payment stands out for how secure it is. Various forms of encryption and the use of tokens protect payment data from theft very effectively. A contactless credit card, for example, generates a unique code for every transaction.
Most importantly of all, you no longer need to carry large amounts of cash that could be stolen or lost. The money you need sits on your card or your device.
Even if you lose the device, the money is still safe, because it is protected by a PIN or by security such as Touch ID or Face ID before anything can be used. You can also contact your bank or provider to have it suspended.
3. Savings (with no end of promotions!)
Another reason customers are switching to contactless is simple: paying this way earns them all sorts of discounts and rewards.
Banks and the providers behind credit cards and e-wallets regularly run offers and incentives to get customers using their card or app, from 5% cashback promotions to points you collect and redeem for rewards, as well as all kinds of discounts. Perks like these help customers make their money go further.
By now you can probably see why contactless payment is so popular and why the number of people using it keeps rising. As a business owner, you are far better off offering payment methods that answer what your customers want and help the business grow.
“Contactless payment” may sound technical and hard to get to grips with, but it is simpler than you think with Qashier's POS solution, which takes the work out of handling all of this.
In the next article we look at why merchants should get serious about accepting contactless payment, and how Qashier can support you.
Start raising your game with Qashier today
If you would like Qashier to be the assistant to your restaurant business, get in touch for more information. We at Qashier are ready to support you, with everything from POS terminals for restaurants to retail shops and a POS system that performs, plus support from our team 7 days a week.
For more details, reach us on LINE Official: @qashier.th or call 02 544 0267