How have contactless payments changed?

From scanning QR codes at food joints to making paperless transactions across borders, payments apps have changed the way in which we send and receive money noted by Bahaa Abdul Hussein. 21st century payments are easier and faster than we ever imagined. A few taps of buttons has now made possible what required long waiting time and heavy paperwork a few decades ago. Today, every user makes digital payments and finds it easier to carry an app on their phones than cash or credit card to stores.

Simply put, the future of contactless payments is now. We analyse the key features and benefits of contactless payments.┬áNothing can beat the ease and swiftness of mobile payment apps like Apple Pay, PayPal, Amazon Pay, Wise and so on. They save a lot of time, cost and energy. The tech that powers it is also low cost electronics that don’t require as much investment as the traditional banking methods.

Everyone from hawkers and peddlers to businessmen find it convenient to make wireless transactions. The efficiency that contactless payments have given us has made the idea of reverting back to old methods of payment seem impossible. You no longer have to spend days of waiting or pay heavy transaction charges to send money internationally.

What are the advantages of contactless payments?

Mobile payments come with a host of benefits. Their speed and efficiency is simply unrivaled in the face of traditional money transfer methods. Moreover, they have improved security solutions in place to protect the users against increasing cyber attacks. Every day, the tech that powers fintech apps is being honed to tackle such problems better and safeguard our money. We can track our finances in real time and have 24/7 access to our payment history. It is the preferred mode of payment by new gen consumers who find it more secure than carrying heavy sums of money or credit cards on person.

The future of contactless payments

Mobile payment methods are growing at an exponential rate and the industry is projected to boom in the comic years. There are presently 1.5 billion mobile payment users around the world and this number is expected to doubt in the next 5 years. The contactless payment market is projected to constitute 2.9 trillion USD. 75% of the younger generation users around the globe like this mode of payment. Mobile shopping is also growing at an impressive rate, with majority of users migrating to online shopping in recent times.

The article has been written by Bahaa Abdul Hussein and has been published by the editorial board of www.fintekdiary.com

 

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