Global Digital Payment Solutions Market Trends
Cuts Down on Customer Lines
Contactless payments ease consumer wait times and inconveniences, and improved supply results in higher retailer profits. According to First Data, contactless transactions are quicker than typical card purchases and cash. The average time for contactless transactions is 12.5 seconds, while the average time for traditional card and cash transactions is 26.7 and 33.7 seconds, respectively. Shortened lines, more sales, and higher customer satisfaction result from this shortened transaction time. Less labor is needed during peak hours because of the boost in throughput at every Point of Sale (PoS). Based on statistics from the Visa database, the acceptance of contactless smart cards is rising globally due to its simple transaction process. Southeast Asian and European nations are leading the way in adopting contactless clever cards. By 2023, 2.7 billion contactless cards will be in use worldwide, according to Thales Group, with South Asia, Brazil, and the US leading the way in increased usage. The amount of transactions handled by contactless cards is predicted to rise in nations including Australia, Europe, Canada, and the United Kingdom. Almost forty percent of card transactions in the UK are now "tap and pay" transactions.
Increased use of digital payments
Contactless payment technologies such as Near-Field Communication (NFC), Host Card Emulation (HCE), and frequency identification (RFID) are revolutionizing the way we transact. They offer a safe, quick, and convenient solution for small, regular transactions using mobile devices, cards, wristbands, and rings. As the usage of contactless payments continues to rise, it is expected to drive the sales income of digital payment solutions, providing a secure and efficient payment method for customers worldwide.