Amazing Digital Money Transfer Software for Contactless Payments Beyond 2020

Introduction to Digital Money Transfer Software

More than 72% of transactions in the country are made using contactless payment instruments. During 2018-2019. Apple Pay and Garmin pay services were launched in the country, and in early 2020 – Samsung Pay.

As a result, the number of transactions made using smart devices has more than doubled over the past year. In addition, in accordance with Visa requirements, all new Visa cards issued in the country must be contactless.

We understand that now contactless payments are even more in demand, so we continue to work with our partner banks and make changes that are most comfortable for people.

One of the significant steps that Visa has taken by working with many of our government and industry partners is to rapidly increase the limit for contactless transactions that do not require PIN authentication in 26 countries in the CEMEA region.

This step overcomes the challenges faced by remittance service providers who were facing a shortage of staff. That was hindering the pace of work and affecting the number of transactions.

Now tap to Phone greatly simplifies and speeds up the operational activities of enterprises, promotes the expansion of the contactless payment acceptance network, and reduces the cost of connecting to acquiring services.

Digital money transfer software also allows the new payment limit without entering a PIN code is 79% higher than the previous one, which previously amounted to 14 thousand tenges.

Depending on the specifics of other Central Asian markets, limits in each of them were increased by 25-56% (source: Visa data, April 2020).

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The next step is to work closely with retailers and banks to implement the necessary technical changes at the point of sale. From the point of view of developing the infrastructure for accepting contactless payments, Visa Tap to Phone technology is promising, which makes it easy to turn an Android smartphone with an NFC module into a POS terminal without additional equipment.

In the nearest future, we will be ready to offer commercial solutions Visa Tap to Phone to the market. Contactless payments give consumers the confidence to make the purchases they need and at the same time provide a stable and secure experience.

In addition, the International remittance solutions use the same dynamic protection EMV® Chip as the contact chip.

Paying for purchases with contactless payment solutions has already become commonplace – such bank cards are used both in cafes and in supermarkets.

It is clear that people like simple and quick solutions, but why have contactless payments become so popular and what can we expect in the future?

In 2017, over 108 million contactless cards were issued in England, of which 72.6 million were debit cards and 35.8 million were credit cards.

These numbers speak for themselves. Despite the fact that the technical solution for contactless payments has existed for more than 10 years, this service has been gaining momentum in Estonia only in the last few years.

The development of other innovative solutions in the field of banking operations, such as, for example, Mobile-ID and Smart-ID, probably contributed to this process.

Time is money

The best feature of a contactless card is the ability to save time. According to research, payments with it are on average 7 seconds faster than paying with a card with a chip or PIN, and 15 seconds faster than paying in cash.

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Trust the experience of millennials

It is no secret that the lion’s share of contactless card users is made up of the millennial generation, that is, people who are most closely associated with technology.

In 2016, 65% of VISA cardholders aged 18-35 used contactless cards, in 2017 their share increased to 76%, and the upward trend is observed to this day.

So if you haven’t used contactless payment options yet, it’s wise to try them out by trusting in the positive experiences of others.

Contactless payment security

Sometimes there are doubts about how safe contactless cards are, but you and I are the very people who are best able to protect ourselves.

For security reasons, you should confirm transactions with a PIN from time to time. When you pay for a purchase, make sure that the correct amount is displayed on the screen of the payment terminal.

And, of course, you should never give a card into the wrong hands, especially if it is not the cashier who serves you.

Further visit: 4 Amazing Points On The Future Of Digital Payments With Contactless Payment System

Will cash disappear?

Research shows that the turnover of merchants that are connected to contactless payments is growing. And this is understandable because contactless cards have made life easier for users.

Many global technologies and banking experts predict that cash will disappear from circulation. It is believed that more and more sellers of goods and services will switch to new technologies.

If the percentage of payments made with contactless cards (and payment cards in general) grows, merchants will have to deal with this fact so as not to put their business at risk.

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It is very easy to use the contactless card

The first operation with a new contactless card at an ATM or at a point of sale should be done in the usual way: you need to insert the card into the terminal and enter the PIN-code.

After the first operation with the chip, the contactless payment function is activated. Now you can pay for purchases by simply holding the card to the contactless payment symbol on the terminal.

Hearing a beep, you can be sure that the payment went through. The contactless debit card payment function can be activated and deactivated in the Internet Bank and at the branch office.

Author Bio:

Nikunj Gundaniya, Product manager Digipay.guru, one of the leading digital wallet app development company the USA, which provides mobile finance application development services.

He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.

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