Over the past five years, the digital revolution experienced around the world has continued to change and enhance the way people play, work and shop. Consumers are always looking for new technologies, advanced gadgets, applications, and what we have for faster and easier transactions.
The era of “smart money” has become smarter, wiser and, for sure, new modes of payment have become more advanced and more and more attractive to people. With this, the economy will undergo a major overhaul in the coming months as these cashless transactions will spread from Europe to America and the rest of the world.
How it works
Credit cards and other smart money payment systems have been around for years. People use this “smart money” to buy goods and services, but, usually, this will take time requiring signatures, verification, and other idiosyncrasies practiced everywhere. But this is not happening at the moment. Take Visa payWave, for example. When it comes to new ways to pay, Visa’s smart payments will reshape lifestyles in the months to come.
I must say, it’s very fast and convenient for the shopper to just touch or “wave” your contactless card at the designated terminal during checkout. All you need to do is find the “no contact” symbol on the counter and you’re good to go. Thankfully, it even works at one’s favorite hangouts like Starbucks, Mc Donald’s, and their growing number of other participating outlets.
Mobile Revolution
However, when it comes to new, tech-savvy ways to pay, the most exciting aspect is the incorporation of mobile technology into these contactless systems. People nowadays are getting more and more attached to their gadgets especially handy Android mobile phones and tablets which are available in different sizes and shapes. Look around you and even the kids are getting too engrossed in this mobile technology since it has had a boom in the last three years or so. With this, contactless payments allow an individual to download certain apps and use their phone as a source of payment.
In the same way as “waving” your Visa card at the payment terminal, you can also do it with your mobile phone. The steps are simple: hold/wave – confirm – go! One of the advantages of mobile contactless payments is that you can easily track your spending. Of course, there’s no need to wait for the month-end bill as you can simply check it on your mobile app. You can simply ask your bank or mobile network operator on the payment system for you to start using mobile contactless payments.
Key Advantages of Contactless Payments
You may also ask why look for new ways to pay when you are comfortable with what you have now. First, it’s convenient. You can simply take your card or mobile phone (which you can’t take off at any time) while shopping and use it as a means of payment. Gone are the days where you need to fumble with coins or bills in your pocket because you can pay for anything. In terms of security, Visa payWave, for example, offers different levels of security protection that make it unique. In addition to the proximity of the reader to read your card and the use of security codes to confirm your payments, it also ensures real-time fraud monitoring and no liability in case of theft or loss.
Indeed, it is one of the most exciting new ways to pay. If you have any doubts about this, let’s just say that the whole world will embrace this warm welcome and soon it will become an acceptable means of transacting business, especially shopping, for the entire population. For sure, you don’t want to miss it.
A short but entertaining way to help you understand the advantages of technology in today’s fast payments can be seen below:
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