The Rise of Contactless Payment Systems in Canada

Over the past few years, you’ve likely experienced firsthand a huge rise in the use of contactless payment systems across Canada. It’s no surprise that retailers and customers alike are increasingly adopting this new payment technology. The world is moving quickly, and consumers want technologically advanced, fast, and convenient ways to pay for products in a hassle-free manner. Customers are becoming used to contactless payment methods, allowing them to rapidly pay for their purchases with a simple tap of their debit or credit card.

The History of Contactless Payment Systems

Contactless credit cards actually began in Finland, where smart cards were used for the purpose of electronic transport ticketing. Mass transit systems across the world now widely make use of contactless technology as a payment method due to its speed and ease of use.

The first use of a contactless payment system in a retail application emerged in the mid-1990s. Mobil adopted contactless technology in the form of their “Speedpass” contactless card, which customers could use to pay for their gas rather than entering their PIN or signing their credit card receipt. Today, a similar technology exists within the contactless payment equipped debit and credit cards we carry in our wallets.

In late 2011, mobile phones enabled with Visa payWave and MasterCard PayPass certifications came to market. The customer’s PayPass or payWave account could be securely assigned to the SIM card within the phone. More recently, consumers have adopted Android Pay and Apple Pay technologies on their smartphones, which enables them to pay via NFC technology.

How Do Contactless Debit & Credit Cards Work?

Contactless credit and debit card readers use radio waves to communicate, read and write data on smart cards. If your card is equipped with contactless technology, it contains a tiny microchip and radio antenna that wirelessly transmits your payment data to the card reader, and then on to the financial institution who issued the card. A shopper simply has to tap their card on the point of sale terminal to complete their transaction quickly and securely.

Are You Accepting Contactless Payments?

If your business doesn’t yet accept contactless debit or credit card payments, it’s time to make an upgrade. Swift Payments can equip you with the right contactless payment systems for your needs, upgrading your POS terminals so you can stay competitive and provide your customers with the best possible experience.

Our experts will help you choose a payment terminal with near-field communications (NFC) technology or “tap” payment technology to streamline the checkout process. Contact us today to learn more about how we can design the ideal payment solutions for your business!



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