Tap, dip or swipe, SHAZAM contactless cards offer choice and convenience
posted by Deb Conley on Wednesday, January 20, 2021 in SHAZAM Blog
People want choices. People want convenience. Well, good news. SHAZAM’s right in stride with the times, as payments options change, so do we. We offer all types of payment methods, so your cardholders can decide what’s right for them.
With 55% of consumers concerned about handling cash during this pandemic, quick and easy to use contactless cards improve the consumer payment experience with a touchless option. By providing convenience to your cardholders, adoption of contactless cards can lead to greater overall spending, top-of-wallet card preference and reduced cash usage, adding more interchange income to your bottom line.
How it works
EMV® dual-interface cards, often called contactless cards, have an EMV chip enabled with both contact chip and contactless capability, plus a magnetic stripe. That means these cards can be dipped, tapped or swiped at the checkout. If the card can't be read via the contact chip or contactless reader, it can be swiped at a terminal's magnetic stripe reader.
With contactless payments, the card never needs to leave a cardholder’s hand and unique encryption, per transaction, continues to protect the card data from risk of loss from counterfeit.
Benefits for financial institutions
- Improved bottom line. Cardholder adoption of contactless can lead to greater overall spending, top-of-wallet card preference, and more interchange income to the bottom line.
- Keeping up with trends. Nearly 70% of users find contactless transactions more convenient than cash transactions. By offering contactless cards, you can continue to provide a highly competitive debit card offering, plus differentiate yourself from competitors.
Benefits to cardholders
- Speed. Contactless cards can be tapped quickly on the POS terminal, making transactions fast and convenient at checkout.
- Security. The transactions are still EMV, keeping them secure. Plus, the card never needs to leave a cardholder's hand.
- Choice. Contactless cards offer a payment choice that aligns with, yet simplifies, existing card payments by simply waving or tapping the card on the terminal
Cardholders value speed and convenience at the checkout. Contactless card payments can deliver on this even when the use of a smartphone is an option. Just tap, dip or swipe - it takes only a few seconds for your cardholder to complete the transaction and be out the door!
Is your financial institution interested in signing up for contactless card functionality? Reach out to your SHAZAM regional director or client executive for more information or contact us for more information.
About the Author
Deb uses her 30 years of experience, along with her extensive knowledge of the payments industry, to ensure SHAZAM’s product roadmap delivers value and competitiveness t
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SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney.
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