Contactless Payments Have Become Essential to Business Success
Contactless payments offer a new level of convenience and the potential to unlock new revenue opportunities
Among today’s innovative payment methods, contactless payments are on the rise and going mainstream.
Contactless payments include mobile wallets, which are apps that store users’ payment information and allow customers to pay by scanning a QR code or tapping their devices.
More than half of customers have begun using contactless payment solutions, reports ForbesAdvisor. And 51% say they’re less likely to pay in cash — or say they now forego cash overall. 1
Contactless payment usage has surged across multiple sectors, as customers flock to the ease and convenience it provides.
prefer contactless payment methods at restaurants, up 7% from last year. 2
prefer to use contactless payment methods when purchasing products in a physical store, up 5% from 2022. 3
Contactless payment allows businesses to:
Accepting a wide range of payment options means shoppers can pay via their preferred method, allowing you to create a personalized experience for your customers.
Nearly 4 in 10 (37%) consumers want restaurants to automate their payment process, such as deploying self-serve kiosks or providing the option to order ahead, in order to provide a streamlined experience. 4
Self-serve kiosks potentially allow higher-average checkouts with onscreen prompts that suggest upgrades or add-ons based on consumers’ selections, and allow shoppers to add new selections to their carts.
A kiosk’s visual environment creates seamless upselling opportunities by suggesting add-ons like beverages or informing diners of qualifying combination meal deals. Customers who order at kiosks at Shake Shack, for instance, spend nearly 10% more on average compared to those who order with cashiers. 5
Contactless payments help teams work more efficiently by reducing checkout time — without undermining or removing the best parts of the customer experience. These payment methods can remove steps customers may encounter in more traditional transactions, such as having to take out cash or rifle through change, typing in a PIN code, or checking for errors. Digital systems and contactless transactions can also make the experience seamless by providing integrated access to digital receipts or loyalty programs.
Contactless payments can give customers the autonomy they need without sacrificing the personal touch your brand puts on its services. If customers can take care of payments in an easy or self-guided way, your staff will have more time to share product knowledge, provide niche services, and generally take care of your customers' remaining needs.
