Contactless payments via apps have consolidated in retail. Driven by global financial digitalization and Near Field Communication (NFC) technology, the method has become a preference among consumers seeking speed, practicality and security in your financial transactions. Companies in the financial sector and retailers also see the change as an opportunity to improve customer experience and expand their digital strategies
The global digital payments market is expected to reach US$ 14,8 trillion by 2027, according to projections from Statista. And in Brazil, this growth is driven by innovations such as Pix, which already accounts for more than 30% of bank transactions in the country, and by digital wallets, like Apple Pay, Google Pay and Samsung Pay, that allow contactless payment without the need for physical cards
Contactless payments represent a revolution in the way we handle money. In addition to offering more convenience, they ensure greater security by avoiding physical contact with machines and the exposure of sensitive card data, explainRafael Franco, CEO ofAlphacode, company specialized in the development of financial applications
The impact on retail and consumer experience
The adoption of digital payment in retail has been growing rapidly. Supermarket chains, restaurants and large department stores already offer the option as a standard payment method, reducing queues and making transactions faster. Furthermore, delivery and urban mobility apps integrated contactless payments into their platforms, further facilitating the purchasing process
For retailers, the adoption of this model also generates operational benefits. Studies indicate that digital payments reduce costs associated with fraud and chargebacks, in addition to promoting greater customer loyalty. According to a McKinsey survey, consumers who use digital wallets spend, on average, 30% more than those who pay with cash or traditional cards
"The digitization of payment methods is not just a trend", but another structural transformation of the market. Companies that offer this integrated and seamless experience achieve greater customer engagement and create monetization opportunities, Franco stands out
Security and challenges of digitalization
Security is one of the pillars of the adoption of contactless payments. Digital wallets use biometric authentication, advanced cryptography and tokenization to protect user data. However, the advancement of digitalization also imposes challenges on companies, how the need for constant updates in cybersecurity and the adaptation of consumers less familiar with new technologies
Another challenge is digital inclusion. Despite the significant growth, many people still do not have access to smartphones compatible with NFC technology or face difficulties using digital banking services. "The massification of contactless payments involves a joint effort between companies", governments and financial institutions to democratize access to technology and ensure that more people can benefit from this advancement, Franco claims
The future of digital payments
The evolution of contactless payments is expected to continue accelerating in the coming years, with new technologies and integrations that will make the user experience even smoother. Trends like theTap to Pay, that allows transforming smartphones into payment machines, and the adoption of Pix by proximity indicates that the sector will continue to innovate
The combination of security, convenience and speed are consolidating digital payments as the new norm in retail and in consumers' daily lives. For companies, the adoption of this technology represents an essential competitive advantage in the era of financial digitalization
