On-Trade Progress explores the need for EPOS systems to operate in a contactless capacity.
Since the introduction of contactless card payments in September 2007 – which seems like a very long time ago, considering very few people used contactless then – retail and hospitality have been yearning to catch up its technology for contactless payments.
A recent study conducted by Visa found that ten years on from the birth of contactless payments (September 2017) almost 66% of Brits have made a purchase via contactless card payment. With the evolution of technology and younger millennials taking advantage of contactless, we can now assume this percentage is far higher.
In fact, it’s these millennial shoppers (aged 18-35) that are furthering the support of contactless card payments exponentially; with more than three quarters of them (76 per cent), making card payments with contactless. As perhaps expected, the slowest group to uptake on contactless payments is the over 65 market.
In terms of industries which benefit most from contactless payments; the supermarket sector is triumphant, followed closely however by the food and hospitality sector. With this is mind, providing the best EPOS system for your venue, be it a bar, pub, club or hotel which can support contactless payments is key.
Contactless card payments have evolved substantially in recent year; and now with the introduction of Apple Pay, customers don’t even need to pull out their wallet to pay. They simply use their phone to tap and pay – the fastest method yet.
This need for immediacy helps consumers, as well as hospitality professionals. In busy bar situations, being supported by an EPOS system which is able to utilise this fast-paced paying method means staff are able to work quicker and more efficiently.
This idea is supported by Kevin Jenkins, managing director for Visa UK & Ireland, when he says: “The introduction of contactless cards in the UK ten years ago was a watershed moment for consumers. Whether buying lunch, commuting without having to top-up, queuing at bars and festivals, or donating to charity, Brits have come to expect a painless payment experience.
“Yet there’s still room for the uptake of contactless to grow, particularly outside London and the South East. Our study shows the appetite for adopting new payment methods is greater than ever and with mobile devices opening up myriad new ways to pay, the next ten years looks set to see contactless payments become an ever-greater part of our day to day lives.”
To ensure that your business is keeping up with the demands of consumers, and the immediacy of the younger generation – make sure you’re EPOS system is able to offer contactless today.