The pandemic changed every aspect of our lives. It altered the way we live in a way that we never imagined was possible. Our lives have been impacted so significantly that going back to our old ways might damage our sense of normalcy and leave us with less than we have now, possibly nothing.
The pandemic has changed our lives through contactless transactions, where we have shifted entirely to online payments. What started as a safety measure has now become a mode of convenience and preference.
Many well-known entities support the use of contactless payment. They provide ways to ensure contactless payments, thus promoting the latest sense of normal. Systems such as Samsung Pay, Apple Pay, Google Pay, Fitbit Pay, or any application support this new strategic mode of transaction for contactless transactions.
With such influential companies supporting the new normal, it will not be long before the term is changed from ‘new normal’ to ‘normal.’ The rate at which everything is shifting is proof that our ways of living are not changing; they have changed.
Advantages of Contactless Transactions:
Tap-to-pay technology is fundamentally a payment method where you simply tap your debit or credit card on a machine to pay. This reduces human-touch interaction and is a faster payment method than swiping a card or inserting it into the terminal. This tap-to-pay technology is also applicable to mobile applications where a mobile phone can download an app that enables payment through the device. The device can then be used to safely make a payment that has reduced human interaction.
Contactless transactions are convenient and lessen the fear of losing a wallet or actual cash. It can be challenging to remember and actively monitor one’s wallet with cash in hand. Therefore, contactless transactions provide convenience without the need for separate payment methods.
Payments are safer with contactless transactions since you have a record stored on your device. Online banking and payment applications record all transactions, which further provides safety and easy monitoring.
Contactless payments are not restricted to just cards. With contactless readers, there exists a Near-Field Communication (NFC) technology. With NFC technology, contactless readers can connect with devices that are associated with you, such as your smartphones or smartwatches, allowing you to pay in a way that suits you.
Contactless payments are the new normal. Using cash is rare now, not just for health safety reasons but also for convenience. The next generation prefers technology, which further contributes to the rise of contactless payment options in the money market.
Disadvantages of Contactless Transactions:
As much as the pandemic has adopted contactless transactions, there is a disadvantage. Since contactless transaction cards do not require a Personal Identification Number (PIN) for authorization, fraudulent purchases can be made if the card is stolen. If this does happen, the card owner can report the card as stolen; however, the fraudulent charges may continue.
Even though the rise of the pandemic has made contactless transactions preferable, it is limited. You can do so much with a contactless payment method, but limits in these cards exist. Limitations can include a cap to your daily spending or limited retailers who accept contactless payments.
The pandemic has made many new things a normal part of our daily lives. Many new aspects or methods entered our lives as a precaution, but they have survived because of the impact they created. The convenience, saving on energy, and our lifestyle are the new normal. Innovations like contactless payment methods are just the latest aspects of our lives that fit in well.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.