Secured transactions utilising devices equipped with radio-frequency identification (RFID) or near-field communication (NFC) technology are referred to as contactless payments. This enables the consumer to make a payment without coming into direct contact with a card reader.
Contactless payment methods that are often used are quick response (QR) code scanning and tap-to-pay, which involves utilising a bank card, smartphone, or smartwatch.
According to Standard Bank, the year 2023 witnessed a noteworthy 37% surge in the number of consumers using contactless payments. Because of the 14% rise in usage this year, 53% of all bank transactions have been contactless, up from 42% two years ago.
“Consumers are becoming more accustomed to the tap functionality, and it’s becoming increasingly entrenched among merchants across various industries,” said Standard Bank’s head of credit”
-Tumelo Ramugondo, Standard Bank’s head of credit
Read the full article here: “Tap-to-pay surge in South Africa”