Contactless payment trends to watch for in 2024

With innovations and transformations in the digital universe, customer happiness and satisfaction are top priorities for businesses. The payment ecosystem encompasses contactless payment trends that craft the next era of the payment experience and improve it.

The emerging technological advancements, speed, cost, and transparency efficiently characterize the payment world.

In this guide, you’ll see creative developments in contactless technology, shifting customers’ expectations and demands. Scroll down to witness some significant contactless payment trends in 2024 and beyond. You’ll also learn about how safe are contactless transactions and how you can automatically secure your business with such a payment system.

Is Contactless Payment Safe?

Contactless payment techniques in recent times are in the gear of popularity as they are known to be one of the safest ways to make transactions by avoiding touching any physical medium to make purchases.

These payments avoid human contact, and considering security, they use EMV technology, which is known to be more secure than older magstripe technology. Moreover, these digital wallet payment solutions use different security measures, like tokenization, to safeguard cardholder data. Thus, users can protect their devices by giving them a password protection feature.

Next are contactless payment trends to watch out for in 2024:

Scan-Free checkouts

RFID technology checkouts are gaining immense popularity worldwide. Even grocery stores are experimenting with items such as “AI-powered smart shopping carts,” which allow shoppers to make payments based on what is in their shopping cart with the help of delivery service Instacart.

Hence, this contactless scanning payment technique is making waves in 2024 and beyond to offer customers convenient environments like user-friendly airports and stores. These scanless checkouts where you can walk out is a system adopted by Amazon, where you can scan your card upon entering and exiting the final payment process.

Real-Time Payments 

Real-time payments are the best fit for cross-border transactions. Faster Payment Service, or FTP, is one real-time payment solution that allows immediate fund transfers between individuals. This system allows you to execute better cash flow and instant fund transfers.

Effective Risk Management is the key company that leverages technology in the payment industry and incorporates effective risk management strategies into its systems to have a leading advantage over its competitors.

Moreover, technologies help your business manage many important concerns, including fraud identification and prevention. They even help you safeguard various forms of illicit activity, deliver a good customer experience, and meet standard compliance regulations.

PSP Technology Solves Your Technical Challenges

Several PSPs will offer integrations with present-day technology, including cryptocurrencies, contactless payments, and QR code transactions. Moreover, having the potential to process cross-border transactions, PSPs give your business access to serve clientele worldwide.

With the help of PSP, businesses will have versatility in payment methods. Usually, PSPs give you access to work with different payment methods and allow you to make easy and secure acceptance of multiple currencies.

Nowadays, several organizations are dealing with high-budget issues. However, with the effective use of PSP technology, you can easily handle the financial pressure. API and PSPs (Payment Service Providers) technology offers cost-effective and faster payment solutions.

Better Customer Experience with Recurring Payments & Loyalty Programs

Gift cards and loyalty reward programs help your business attract customers by giving them a reason to return to your website or in-store. 

Different customized digital wallet payment system features empower your business to craft compelling, personalized marketing campaigns that increase your customer base and lead to skyrocketing revenue.

Crystal clear communication via email or SMS helps you increase customer retention by instantly addressing their negative feedback—such feedback helps streamline your business. 

Also, secure and recurring payments offer a positive customer experience. Recurring payments are essential in payment technology as they help customers make payments repeatedly, like subscription purchases.

PCI DSS 4.0 Will Surprise You

Companies and their payment partners have transformed into Payment Card Industry Data Security Standards for almost two decades now. Organizations follow all the important guidelines on how to reduce payment data risks. 

Moreover, the latest PCI DSS 4.0 introduces dynamic changes that organizations should adapt to before the completion of March 2025.

Several businesses will make efforts to adapt their systems to the PCI DSS 4.0 requirements and set up their organizations to meet standard compliance regulations. 

POS With Contactless Capabilities Will Boom in the Future

The point-of-sale terminal market is expected to grow by US$ 110.69 billion in 2024. Businesses will consider purchasing more POS terminals in the coming years. Moreover, point-of-sale will become a hit with the integration of PCI DSS 4.0, which authorizes adherence to different requirements of payment data security by 2025.

In all, the POS terminal market is estimated to expand with a CAGR of 8.0% from 2024 to 2034, and by the end of the anticipated time, the market value of this payment technique is expected to increase by US$ 238.97 billion.

The upsurge in the use of POS terminals will attract customers as they find wireless transactions fascinating due to their user-friendly interface. Thus, it will increase the demand for POS terminals worldwide.

Increasing Use Of Biometric Payments

The increasing use of biometric payment solutions that use authentication techniques, including retinal scanning, facial patterns, fingerprints, and more, will attract customers in huge numbers to make secure payments.

According to a recent study, biometric payment is expected to grow by $19 billion in 2029. With the adoption of digital payment solutions, your business will have the opportunity to advance the security of these payments, which is significant considering the protection of customers’ financial information.

Thus, as users increasingly use different payment methods, businesses will integrate biometric technology into their payment systems to protect them against fraudulent activities.

Mobile Point-of-Sale Technology

A mobile POS terminal implies customers pay with their smartphones at checkout. Mobile POS technology offers your business an opportunity to provide the best services and products to your customers in an efficient and more personalized way.

Conclusion

Striving towards the revolutionary era of the payment industry, the amalgamation of innovation, responsibility, and effective implementation will be the trademark of success.

While managing the payment industry, it becomes important to create a future for your customers where they feel secure and can enjoy an inclusive, customized, and seamless shopping experience. 

https://klighthouse.com/the-benefits-of-insurance-ensuring-a-secure-future/
Product manager of DigiPay.Guru, one of the leading digital wallet solution. 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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