Touchless payment options are no longer a matter of luxury, style, and convenience. They have become a necessity today. In the post-pandemic world, almost all businesses have started embracing touchless payment methods to limit the use of devices and cash and curb the virus spread. If a company does not offer a touchless payment solution yet, it might experience customers distancing themselves from their business. So, companies must learn and adopt touchless payment options to survive in these challenging times.
For a business that has not switched to touchless payment methods yet, it’s high time to take the right step. Below, we will explore some of the most popular touchless payment options that have a major impact on business.
1. Debit and Credit Cards
These days, touchless cards do not require a POS system to touch and scan. They contain a small chip that emits short-range signals to connect with a terminal. When the customer holds this card close to the terminal, they receive an OTP for the transaction. Upon entering the OTP, the terminal connects with the customer’s Credit card company or bank to complete the payment process.
2. e-Wallets
e-Wallets store the customer’s debit card, credit bank, or bank account details on a mobile app. When the customer wants to make a payment, they open the app on their smartphone, select their preferred payment mode, hold the phone near the terminal, and click to confirm the payment. The customer’s phone has an NFC chip to enable the payment.
Like a touchless card, an e-wallet also works for a very short distance. Encrypted security systems like tokenisation protect the transaction. Moreover, an individual customer’s smartphone is nearly impossible to open without a face scan, fingerprint scan, or passcode.
3. QR codes
QR codes are scannable barcodes that customers scan through an app on their mobile phones to make a payment. The business needs a secure payment gateway to generate a QR code connected with its store account. When a customer scans this code and enters the amount to pay, the store owner receives the payment directly into their bank account.
Accepting payments through QR codes does not require special equipment like a terminal or card reader. Simply print the code on paper and display it on the counter. Now, only one UPI QR code is required to accept payments from all payment platforms, no matter which one the customer uses.
4. Net Banking
With the net banking facility, customers pay for the purchase directly from their bank account to the store owner. To do that, they have to log in to their net banking account, enter the store owner’s bank details, and add them as a beneficiary. Then they get an OTP, which they must enter to make the transaction.
5. Payment Gateway
An online store may integrate a secure payment gateway to accept payments using any option the customer prefers. Whether they want to pay through their credit card, debit card, net banking, e-wallet, or any other method, they can follow the payment link at the gateway and pay. It serves as a single platform for businesses to accept digital payments quickly and safely without any touch involved.
A business improves customer experience and accelerates the process by accepting touchless payments. It’s an excellent way to give customers their preferred payment solution. Besides enhancing customer experience, contactless payments also improve the business’s security, efficiency, speed, and workflow.
