In the age of COVID-19, the checkout process at stores is shifting. More shoppers are reconsidering handling cash, touching payment terminals, and passing cards back and forth with cashiers. In an effort to stay healthy and reduce the spread of Coronavirus at this critical time, many consumers are going contactless by taking advantage of online shopping, home delivery, curbside pick-up, and mobile wallets. At the same time, businesses of all shapes and sizes have needed to quickly shift their operations in order to serve customers safely and efficiently.
As the desire for contactless payment options may likely continue past the COVID-19 outbreak, now is an excellent time for businesses to get ahead of the contactless payments curve by setting up mobile wallet capabilities.
There are lots of benefits—for shoppers and merchants—to using mobile wallet:
- Reduces contact – Provides a healthy way for customers to pay by reducing the need for passing cash and cards back and forth.
- Saves time – Decreases customer wait times in the checkout line. Mobile wallet payments can be faster than processing payments using magnetic stripes or chips found on debit and credit cards. It also means less time spent searching through wallets and handling change.
- Added convenience – If a customer happens to have forgotten their wallet, they still have the ability to pay for their items at your business using their phone.
- Safe and secure – Accepting payments from a customer’s smart phone is more secure than traditional card payments. Customers are required to first enter their password or a biometric to access their mobile wallet on their phone, and customer card numbers aren’t kept in your processing system, unlike debit card and credit card purchases. Plus, mobile wallet transactions give merchants the same liability protections as credit, debit, or prepaid cards.
To accept mobile wallet payments, merchants need to have a contactless, payment-capable, point-of-sale terminal. If you already accept contactless Visa or Mastercard® payments today, you’re likely able to accept mobile wallet payments for those networks without needing new equipment.
Making the switch for you, your employees, and your customers could lead to a healthier, faster, and safer payment process for the long-term.
Visa is a registered trademark of Visa International Service Corporation. Mastercard is a registered trademark of Mastercard International Incorporated.