Due to COVID-19, the global economy has been disrupted and as a result, has changed the way we do business these days. From adopting social distancing to going contactless, everything has changed. Though, contactless payment was a big part of how we pay pre-COVID-19, but, due to the “no-touch contact”, there has been a surge in the contactless payment market.
Contactless payment works on the Near Field Communication (NFC) technology where data gets wirelessly transferred from smartphones, laptops, tablets, and other devices when they are in close proximity. This advanced technology helps in contactless payments via mobile wallets such as Android pay, Apple Pay, and contactless card.
As per the latest report by Grand View Research on the contactless payment market, the market size of this industry was valued at USD 1.34 trillion in 2020. It is expected to expand at a CAGR of 20.3% from 2021 to 2028.
Below is the infographic that will summarize how COVID-19 has impacted contactless payment.
Conclusion
Though “tap to pay” is considered as easy to use and highly convenient, however, we can’t deny the fact that this technology is not 100% risk-free. Also, small businesses can still not afford it as it’s an expensive deal. Having said that, I wish as the technology is advancing, in near future, we will see a lot safer and inexpensive device for our businesses.
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