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CONTACTLESS PAYMENTS

Investopedia defines contactless payments as a secure method for consumers to purchase products or services via debit, credit or smartcards (also known as chip cards), by using RFID technology or near-field communication (NFC). When making a contactless payment, the user taps their card near a point-of-sale terminal.  

This type of payment method can also be used via a smartphone, without any need to pull out a credit or debit card, provide a PIN or a signature. Today’s purchasers expect all transactions to be frictionless and fast, so contactless payments will inevitably become more widespread in the years to come. 

 

Image courtesy of Freepik

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