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Follow the current situation on contactless payment market

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Vlad Dm
Follow the current situation on contactless payment market
You always have to pay for everything in this life. Both in literal and figurative meanings. But let's not immerse in the moral side of this issue and draw our attention to the financial dimension. Every day we go shopping and exchange our money with the product we buy. We can perform such transactions either by cash or by credit card. Usually, you insert your card in PoS-terminal and money is withdrawn automatically. But today you can already pay even without your card.
Contactless payment system hit the market not so long ago but it is quickly gaining a wide popularity. In other words, it turned to be more convenient than we gave it credit. It saves your time and increases financial web security. Beyond any doubt, this high technology will have a great future. In this article, we will reveal a more detailed view to explain the phenomenon of a contactless payment. We will also pay much attention to the main players in this market.

A little about contactless payment

Contactless payment was initially integrated into the banking system. Bank cards got integrated circuits, chip, and antenna to send certain information about payment transactions to the terminal via the radio channel. Such technology changed the idea of financial transactions.
Various payment systems call this technology differently: MasterCard Worldwide calls it PayPass while VISA calls it payWave.
Contactless payment
Contactless payment tech
 
An important advantage of this card lies in its comfort and safety. When you pay in any outlet, you don't keep it out of your hands, so risks of fraud come to naught. Besides, such cards simplify the payment process and allow serving customers much faster in restaurants and shops.
At the moment this technology is not so widely spread in some countries since many enterprises keep on using old PoS-terminals without contactless features. But every year the situation is changing for the better.
Apart from banking cards, you can also use a mobile device as a payment tool. Due to NFC technology, smartphone or tablet become a virtual contactless card. This contactless payment technology is being integrated into many devices of famous hardware and software manufacturers like Google and Apple - the key players in this market. I offer you to consider this issue in more detail.
 
 
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