TopicsTrends and reports Omnichannel experiences Unified commerce In-person payments Travel and hospitality Food and beverage Retail Grocery Platforms and marketplaces
In a rapidly evolving payments landscape, Tap to Pay mobile technology is having its moment in the sun. Businesses everywhere are jumping on the bandwagon to accept payments with a simple tap on any compatible device instead of a traditional card reader.
Tap to Pay on Android and iOS unlock a world of seamless transactions and endless business opportunities with unmatched speed and ease. More importantly, it eliminates dependence on traditional payment terminals and gives businesses an easy and accessible way of accepting contactless payments and digital wallets.
The rise of cashless and contactless payments
Access to online and mobile commerce services is exploding with 3.4 billion digital wallet users in 2022 alone. Juniper research predicts that the total number of digital wallet users will exceed 5.2 billion globally in 2026 - a whopping 53% increase in only four years.
Digital wallets aren’t only adopted. They are used at increasing rates. Singapore boasts the highest cashless payment adoption rate in Southeast Asia at 97%, and two-fifths of shoppers embraced cashless transactions in 2022 in the United States.
Tap to Pay technology gives businesses the opportunity to be early adopters in countries, cities, and regions transitioning to cashless societies.
How does Tap to Pay work
Tap to Pay uses near field communication (NFC) technology on iPhones or Android devices to accept contactless payments. By leveraging the NFC capabilities of the devices you already use, you can eliminate the reliance on additional payment hardware while adhering to payment network requirements.
This includes benefits such as:
Simplified in-person payments by removing the dependence on traditional payments hardware to accept contactless payments
Capability to scale up payments with fast installation and onboarding
A safe and fast checkout experience that increases mobility on location
An easy and secure way to pay for customers because transactions are encrypted.
Since Tap to Pay is software-based, you can create flexible in-person payments capabilities across locations, turning compatible devices like phones, tablets, and POS systems into a flexible terminal fleet.
The business benefits of Tap to Pay
Transforming compatible devices into terminals opens up a range of business benefits for platforms and unified commerce businesses alike. The software-based payments solution lets businesses own the checkout experience, drive revenue, and scale and launch fast.
When it comes to small and medium-sized businesses (SMBs), hardware needs can differ. One thing they have in common is the need for cost-effective solutions to sustain their operations. Platforms that provide Tap to Pay can help SMBs by minimizing hardware expenses.
Take a small café for example. If they use a platform’s mobile device to accept orders, they can let customers’ pay right then and there if the platform enables Tap to Pay on that device. Customers no longer have to walk to a counter to pay, and waiters can save precious steps since they don’t need to pick up clunky payment terminals.
By taking away the necessity of traditional payment terminals to accept in-person payments, Tap to Pay becomes a revenue-driving solution for SMBs. With a fast setup, Tap to Pay facilitates seamless rollouts and promotes scalability.
The in-person payments landscape keeps changing. Large retailers, hospitality, and food and beverage businesses seek more flexibility in customer payment options across their physical locations.
To facilitate dynamic customer journeys, businesses provide a wide array of payment options. Tap to Pay enhances a business's in-person payment offerings and caters to customers' by letting payments happen effortlessly.
By accepting payments on a smartphone, you can bust queues and accept payments where customers are. Rather than going to a cash register to buy the pair of shoes a customer just tried for example, they can slip in their feet, tap their payment method, and walk out the door right after trying.
Embrace the Tap to Pay era
The convenience, speed, and contactless nature of Tap to Pay has resonated with consumers. The widespread adoption and acceptance among businesses is expected to evolve and expand further as the payment ecosystem prioritizes convenience and efficiency.
With no signs of slowing down, it’s time to get onboard and transform your devices into versatile payment terminals.