Contactless payments at the Point of Sale

Contactless payments where a person can just swipes the reader is now the dominate form of transaction in Eftpos today in retail as you can see here by days.

The chip cards readers may have made the payment more secure, but in practice, they have also significantly slowed down the checkout process. What the modern consumer and retailer wants is speed. As a result, we have seen the percentage of contactless payments has been steadily growing over the past few years.

Which accounts for why contactless payments are more popular during the morning, but average out to 60% of all transactions by the end of the day.

Today for contactless payments, the average spend is about $30 per transaction, and this seems to be consistent across all business types and interestingly too for every day of the week.

For those that want to know more, I suggest you read this report here by the Reserve Bank of Australia from 2013 on contactless payments that is still fairly accurate for an industry-wide understanding, in particular, see page 18.

Most important with integration retail businesses today with our system can integrate so easing the arduous processes of daily reconciliation and address bank errors that may arise from oversight.

We will have an important announcement about contactless payments, next week.