15 May 2020

Changes to Payment Acceptance during Covid-19 outbreak

Contactless and cashless payments: An integral payment method for the future

The situation around the world is changing constantly and effecting all areas of our society; and Payments is no exception. A big change in the Payments landscape since the Covid-19 outbreak has been the increase in cleanliness and hygiene practices, which has resulted in a reduction in the use of cash and an increase in cardholders paying using contactless by card or device.

Contactless digital payments, either in the form of cards or e-wallets, are the recommended payment method to avoid the spread of virus COVID-19. Digital payments enable consumers to make purchases online & face to face, to pay for goods, services and utilities, as well as to receive funds faster.

Increases in cashless payments are being seen worldwide. RTi Research conducted a US consumer survey in Mid-March which found there has been 30% new user adoption of contactless payment methods in the US since the outbreak began, and of those new users 70% say they will continue to use tap & go after the pandemic ends. (Ref: Payments Journal)  Furthermore, the recently announced increase to the contactless limit in Europe and the UK is set to boost in-store contactless acceptance and usage still further, with 30 countries now announcing the contactless rate change. An increase in the contactless limit was already under consideration by the payments industry but the changes have accelerated as part of the industry’s response to the pandemic. In 2019, European regulations were put in place across the industry to ensure that all deployed terminals must accept contactless payments, with the final scheme mandates effective on 31st December 2019.

3C Payment point of sale solutions fully support contactless (NFC) technology across multiple industries including Hospitality, Food & Beverage & Quick Service Restaurants, Retail, Parking and Car Rental. The solutions also support high-value contactless payments when you use a digital wallet such as Apple Pay, Google Pay or Chinese Payment methods.

And through the 3C Digital enterprise gateway, merchants can connect digital customer journeys across multiple touchpoints to harness business intelligence data, and create ways to reward those customers and drive revenue.

The increase we’re seeing with contactless as a method of payment, not only prevents physical contact with the terminal to help reduce spread of the virus, it’s also a faster and secure payment transaction which drives more footfall in store. Contactless payments are enhancing the frictionless consumer experience which is now enriched by 3C Payment’s innovative digital technology” said Paul Musgrave, Chief Commercial Officer, 3C Payment.

For questions relating to 3C Payment solution features & payment methods, please contact Sales@3Cpayment.com.

 

 

 

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