Apple Pay is now the most popular mobile payment app in the US with over 30 million users in 2019. These payment options are benefitting from point of sale systems and payment technology available in today’s marketplace.
In a recent article on FastCasual, “Apple Pay has benefited from the spread of new point-of-sale systems that work with the NFC signals that Apple Pay runs on,” Yory Wurmser, principal analyst at eMarketer, said in a press release. “The same trend should help Google Pay and Samsung Pay, but they will continue to split the Android market.”
Many US businesses are already enabled to accept contactless payments today. Of the top 50 merchants in quick-service restaurants, 79% are contactless-enabled, 77% of drug stores and pharmacies, and 61% of grocery stores in the US can accept contactless transactions. Increased US business adoption presents a strong case for the acceleration of a shift to contactless long term.
Mobile payments spending using contactless options like Apple Pay, Google Pay, and Samsung Pay are predicted to approach $100 billion this year.
Consumer Demand is also Driving Contactless Payment Adoption
If you’re a business owner taking payments, chances are you have had customers ask if you accept mobile. Consumers report that they are ready for the enhanced security that contactless payments provide as well as quicker transaction times garnered through a simple “tap and pay” motion.
Simplicity, security, and a more entertaining experience are three key benefits.
By simply tapping to pay, consumers can cut down their wait time at checkout. A contactless transaction is much quicker than any other method of payment, allowing consumers to make the most efficient use of their time and businesses the ability to generate more transactions in the same amount of time.
Contactless payments are more secure than other forms of payment. Although not visible, when a contactless payment transaction occurs, the account data is tokenized into a one-time code and passed from the card or the mobile device to the contactless reader. In a contactless payment transaction, the consumer’s card details are never revealed, unlike in a typical card payment, making the contactless transaction safer and more secure.
Many consumers love to experiment with new tech that puts them on the cutting edge. Today’s digitally savvy generation will willingly try new technology and won’t hesitate to tell their friends and family about their experiences. Adopting contactless payments is another way for them to stay ahead of tech trends.