The Rise Of Contactless Payments

Australians are big fans of convenience. Driven by a population seeking more flexible ways to pay, the nation has in turn seen a surge in contactless payments.

Like it or not, gone are the days of needing to stash your wallet in your back pocket or bag, as there’s now a convenient alternative to carrying money – mobile contactless payments.

For smartphone users who own devices that have this function, they offer a mobile “wallet” as a means to pay for online transactions or use a built-in chip in your phone to make purchases in a store or retail outlet.

For business owners, it’s important to embrace this technology at point-of-sale, as failure to do so could see you being left behind. While there’s often a misconception that contactless payments can feel impersonal or lacking in service, what are the benefits on offer for jumping on the “Tap And Go” bandwagon?

Why Australians Love Contactless Payments

Highlighting the impact of the pandemic, a recent survey conducted by Mastercard found that contactless transactions grew twice as fast as traditional checkout methods at grocery stores between February and March of 2020. The study also discovered that 79% of respondents had transitioned to contactless payments, citing “safety and cleanliness as key drivers.”

However, it’s worth noting that Australia’s love affair with contactless payments started long before the once in a generation health crisis. Card payments actually overtook cash all the way back in 2016, and have been steadily rising ever since. Greater convenience, confidence in stronger digital security, and a retail sector willing to embrace technological change have seen Australia become the largest user of contactless payments in the world.

As technology continues to advance, we’ve also upgraded from the traditional “Tap And Go” function of chip based credit and debit cards, and moved onto using the built in payment functions that come with many smartphones.

On the customer side, consumers have indicated that the added convenience and quicker processing times are key factors for this shift towards tap and go. With no PIN required (unless spending over $100, and even that’s subject to change), face-to-face transactions are cleaner, quicker, and an overall much more pleasant experience.

On the business side, it would seem that a growing number of enterprises have embraced this shift in consumer behaviour. In fact, there has been a cashless growth spurt among Australian businesses right around the nation, with 1 in 4 businesses now operating as completely cashless. While this approach may not suit all outlets, it’s an astonishing number when compared to just 1 in 12 in 2019.

Along with increasing productivity amongst staff and providing customers with the opportunity to speed up the check out process, contactless payments also offer greater security for both the consumer and the business.

Whether a business owner realises it or not, accepting cash payments comes with risks and costs. As an example, cash needs to be continually stored, guarded, transported, and accounted for despite the constant threats of theft, burglary or property loss. Accepting digital payments removes, or at least lessens those challenges.

For customers, contactless fraud rates are actually at an all-time low, with online fraud providing the bulk of card-based crime, and providing a safer alternative when compared to physically carrying cash around with them.

While embracing contactless payments provides a win-win opportunity for both businesses and customers alike, it’s important to partner with the right people to keep your technology running as it should. As anyone who’s ever worked in the hospitality or retail industries knows, it’s not easy to keep the show on the road when things start to break, such as an EFTPOS or POS system.

Meet The Tech Gurus That Speak Your Language

With the complex technical side of the industry and no one in the middle to eliminate issues and find solutions, Innovators Direct is comprised of a team of ex-hospo gurus who take pride in not just offering the tools for the job, but training teams on how to use them and being there to provide technical support when things go south.

For the average business owner who already has relatively small margins to work with, even a saving of 1% can make a big difference. Fully aware that no two enterprises are the same, Innovators Direct offers a tailor made approach to each and every client.

Whether it’s introducing a new POS, rostering system, or simply purchasing receipt rolls, imagine what your brand could achieve with a partner in technology that actually speaks your language. For end to end business solutions, get in touch with us at Innovators Direct today.

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