In December 2020, the total number of transactions made using contactless cards amounted to 939 million. As of January 2016, the number of transactions made using contactless cards amounted to approximately 136 million, an overall increase of around 85 per cent during this time period. From these statistics, we can see that contactless payments have been increasing in the last 5 years and are here to stay!
What are contactless payments?
As the name suggests, this type of transaction enables users to avoid using cash. It instead relies upon wireless methods such as RFID technology. Debit cards, credit cards and even smartphones can support this technique.
Why are contactless payments important in hospitality?
Credit and debit cards can likewise be connected to smartphones. They can then process a transaction (such as securing a hotel reservation) with a simple tap on the screen. Certain types of smartwatches are now beginning to accept the contactless payment method, which is becoming increasingly popular over time.
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Why are contactless payments good for hospitality businesses?
1. Speed and Efficiency
Quicker transactions are the most significant advantage of contactless payment, making payments only takes seconds to process. Removing the need for carrying cash, or having bulky purses and wallets, they also offer an element of efficiency to their users. All guests have to do is tap to pay, they don’t have the hassle of entering their PIN. Instead of using debit/credit cards to make payments, customers can now use contactless on mobile devices and smartwatches, making their experience more efficient.
2. Safety and Hygiene
With the onset of the COVID-19 pandemic, major financial institutions issued higher contactless limits around Europe. The purpose of this move was to reduce points of contact between customers and merchants. This contact reduction makes for increased safety and better hygiene. This is why contactless payments are considered to be a healthier method of paying. During this pandemic, 79% of Mastercard users around the world have used contactless.
Contactless payment technology is secure and encrypted to discourage any hacking attempts. Better transaction security means that hospitality businesses get their money without any disputes. Besides, contactless payments are protected against fraud by most issuing banks.
3. Customer Satisfaction
Due to the speed at which contactless payments are processed, queues are almost a thing of the past. Less waiting means less frustration between guests and more satisfaction. This applies to both the consumer and the hospitality staff. When a customer sees that a venue has implemented their preferred payment technology, they’re likely to come back for more. Ultimately, it’s a win-win for both sides.
Contactless payments offer a streamlined means for users to complete a transaction in a much quicker time frame. Another important point to mention is that many individuals will spend more if the transaction process is simplified. Thus, these methods can sometimes be employed to offer upgrades and similar in-house amenities that might otherwise be overlooked by the guest.
What SPARK can offer for your hospitality business!
SPARK Pay allows hospitality businesses to serve customers anytime, anywhere! A simple and smart tool that will help streamline business operations.
Our smart payment devices are capable of complex functions such as bill splitting, accepting different payment methods and more. This increases accuracy and reliability, perfect for hospitality businesses.
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Why invest in SPARK Pay!
- Friendly interface
An easy to use user interface ensures that the staff will require little to no training to get started with SPARK pay.
- Powerful options
Our Smart PDQs come equipped with multiple ways to make payments and software to do all the calculations (split the bill).
- Instant sync
Through our Cloud platform, the payments taken on SPARK Pay are saved in the transaction history and sync with the Cloud Office instantly, so venues can monitor every transaction in real-time.
