Do you like tapping your credit card or debit card in order to process a payment? “What’s not to like?” asks Gordon Powers on RateSupermarket.ca, “Instead of entering your PIN or signing a receipt, you simply place the card on the terminal and tap. It’s convenient for both merchants and consumers, and is quickly becoming the norm as shoppers demand easier ways to pay without compromising on security.”
We’re willing to bet that over the past few weeks, you have tapped your credit or debit card on a POS terminal to make a payment. It was really easy, wasn’t it? The entire transaction took no less than a second or two. Not only was the payment process a quick one, it was safe as well. In today’s climate, the latter is more important than anything.
Tap to pay has grown in popularity in the wake of COVID-19.
Even though contactless payments were introduced a few years ago, the coronavirus pandemic has given a whole new meaning to “contactless”. Today, safety is a priority. When COVID-19 began to ravage our lifestyles, back in March, consumers took to touching things as infrequently as possible. As a result, tapping instead of punching in PIN codes became a lot more desirable.
As we announced on our blog, back in April, COVID-19 prompted Mastercard and Visa to raise the tap payment limit from $100 to $250. This has helped Canadians to process more payments for purchases so much quicker…and safer…in the wake of the pandemic.
“While cash may have been king in the past, more stores are hoping you will pay with plastic instead,” reported Pat Foran in a CTV News article about the limit increase, “They also would rather you not insert your card and use the keypad but instead tap to make your purchase.”
Nearly half of all transactions are now contactless.
Since then, Foran has published another article outlining the impact the tap limit increase has had on Canadian shoppers. He reveals that a study has found that contactless transactions over $100 now equal 40 per cent of all transactions. “The average transaction is $148 and contactless payments are now approaching half of all transactions at 45.9 per cent,” he reveals.
Clearly, tapping is a trend that is only growing in popularity. And industry experts believe that it is a trend that will continue long after we have finally exited the pandemic. Noticeably, Canadian shoppers are finding numerous ways to make payments for purchases without having to exchange any physical currency or touch any keypads.
“A survey by Payments Canada found that 75 per cent of Canadians say they\’re spending less than pre-COVID-19,” reports Foran, “About 62 per cent are using less cash and 42 per cent say they avoid shopping where contactless payments are not accepted. Canadians are also sending more e-transfers due to the pandemic. A record was set in April, when Canadians used more than 61 million e-transfers to send and receive money.”
Are you allowing your customers to tap?
At Canadian POS, we strongly believe there’s no better way to accept credit cards and debit cards than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@localhost to learn more!