Mobile and contactless payment methods are some of the most recent types of payment methods. Global spending via mobile devices is forecast to jump from $204 billion in 2014 to $626 billion in 2018 according to Goldman Sachs. With smartphones and tablets being extremely popular, so too is the increasing interest into contactless payment. According to the Banking and Payments Federation Ireland, there were 64 million online and mobile payments made last year in Ireland which averaged to at least 5 million per month.
Contactless payment is known as ‘wave and go’ technology as you can use your credit/debit card or smart cards to shop without a PIN number being required when purchasing goods and services. The consumer can simply touch their card at the reader on the point of sale system and their bank account will be debited to the value of the transaction. Previously transactions were limited to €15 or less but have since changed to €30 in the Budget 2016.
As this contactless payment technology has evolved, Apple has developed their contactless payment method. In July 2015 they launched Apple Pay which is a mobile payment and digital wallet service. This technology is only available to those owning the iPhone 6 or later phones, as well as the Apple watch compatible devices, iPad Air 2, iPad Pro and also the iPad Mini 3 or later. By using the fingerprint technology to authenticate payments made online or in-store the need for entering in credit card details or a PIN number are removed.
Whether or not your business implement this contactless payment system is up to you. It will depend greatly on how tech savvy your customers are as there will be no point investing in new terminals if there is no demand for it. For other methods of payment, check out our types of payment guide.
