To make life easier for consumers and to keep your critical financial information safe, credit and debit card technology is constantly evolving. One of the more popular modern innovations is tap to pay contactless payment. Visa defines contactless payments as “transactions made by tapping either a contactless chip card or payment-enabled mobile or wearable device over a contactless-enabled payment terminal. Cards, phones, watches and other devices use the same contactless technology.” In this blog post, we will explore three key reasons why you should tap to pay whenever possible: convenience, mobile options, and enhanced security.
1. More Convenient
Tapping to pay takes away any need to enter a PIN number or write down a signature, making the checkout process quicker and more streamlined. According to Forbes, contactless payments can reduce transaction times and are up to 10 times faster than other forms of payment, which can make a significant difference in busy environments. The simplicity of tap to pay is remarkable — All you have to do to complete a purchase is pull out your card and place it within one to two inches from the card reader. It really is that easy!
This added convenience is particularly valuable in busy environments such as retail stores, restaurants, and public transportation systems, where speed and efficiency are important. Long lines and impatient customers can be a common sight in retail stores, and using tapping to make a purchase enables swift and hassle-free transactions, reducing wait times, and improving customer satisfaction. Similarly, in busy restaurants where wait staff need to process payments quickly to ensure smooth table turnover, contactless payments can expedite the checkout process, allowing diners to settle their bills swiftly and conveniently. Even in public transportation systems, where commuters are constantly on the go, tapping provides a seamless experience, allowing passengers to quickly board buses or trains without fumbling for exact change or waiting for card swipes.
Tap to pay is widely supported by various stores and merchants, making it a convenient option for everyday purchases. Whether you’re shopping at a retail store, grabbing a coffee, or using public transportation, chances are you’ll find that where you’re shopping accepts tapping to make purchases. The widespread adoption of this technology has made it increasingly accessible and convenient for consumers across a wide range of industries. With this feature, you can save precious time and enjoy a more efficient and streamlined shopping experience wherever you go.
2. Mobile Options
Don’t have your physical card on hand? No need to worry. As long as you have your cell phone, you can still use the tap to pay feature. You can easily add any Utah Community Credit Union (UCCU) card to your digital wallet, eliminating the need to haul around a bulky wallet or purse. Just hover your phone above the contactless symbol to process a payment. This mobile flexibility enables you to make transactions conveniently and securely, even when you don’t have your physical card.
What is a digital wallet? A digital wallet, also known as an e-wallet or mobile wallet, is a virtual platform that allows users to store and manage their payment information securely on their electronic devices, such as smartphones, smartwatches, or tablets. It serves as a digital counterpart to a physical wallet, enabling users to make electronic transactions conveniently and securely without the need to carry around cash or cards. Users can access their payment information anytime and anywhere, making online shopping or in-store purchases more efficient. Examples of digital wallets include Apple Pay, Google Pay, and Samsung Pay. As technology continues to advance, digital wallets are likely to become even more prevalent, providing users with increasingly seamless and integrated financial experiences.
By utilizing a digital wallet, you not only eliminate the need to carry physical cards but also gain additional benefits. Building credit is an essential aspect of personal financial management, and utilizing a digital wallet can be a valuable tool in this process. By linking your credit card to a digital wallet, you can make regular payments and transactions, which contribute to establishing a positive credit history and score. This feature allows you to conveniently manage your finances while simultaneously working towards your financial goals. Let UCCU be your credit card issuer, explore UCCU cards here.
Interestingly, since the onset of the COVID-19 pandemic, contactless payment via cell phone has enjoyed an enormous boost in popularity. In fact, retailers have seen a 69% rise in contactless payments since the beginning of 2020, according to a study done by the National Retail Federation. This is likely due to the fact that consumers have become more wary of shopping in brick-and-mortar locations and are more hesitant to handle germ-infested cash.
Using a debit card or credit card and inserting it into a public payment terminal that handles numerous transactions every day isn’t ideal either. All of this has made digital wallets the chosen method of payment now more than ever, with 67% of shoppers choosing self-checkout options from their own mobile devices over in-person payment. This trend highlights the growing acceptance of contactless payment solutions.
3. Enhanced Security
Tapping to make a purchase isn’t all about making your life simpler, it also creates a more secure way to shop. By using a combination of chip technology, Near Field Communication (NFC), and Radio Frequency Identification (RFID), contactless cards are safer than your traditional swipe or insertion of a credit or debit card. This is because each transaction uses a one-time, unique digital code to facilitate secure communication between your card and the card reader. This dynamic authentication process significantly reduces the risk of card fraud and unauthorized access to your financial information. By embracing contactless payments, you can enjoy peace of mind knowing that your transactions are protected by advanced security measures.
Because there is limited physical contact with payment terminals and cashiers, there is a reduced risk of skimming devices or malicious software stealing your card information. By minimizing physical interaction, tap to pay helps protect against card cloning, counterfeit fraud, and other forms of tampering. In the event that your mobile device or digital wallet is lost or stolen, many digital wallets offer additional security such as biometric authentication (fingerprint or facial recognition) or a unique PIN to ensure that only authorized users can access your payment information.
Take Advantage
Tapping to pay offers undeniable advantages in terms of convenience, mobile options, and enhanced security. With its ability to streamline transactions, eliminate the need for physical cards, and provide robust security features, tap to pay is likely to continue gaining popularity across the United States. If you haven’t already, consider visiting any UCCU branch to obtain your very own tap to pay-enabled debit or credit card and add your cards to your smartphone’s digital wallet. Embrace the future of payment technology and experience the seamless convenience and peace of mind that tap to pay provides.
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