What are contactless payments?
Contactless payments are those in which the user pays with an electronic device, such as a smart watch, cell phone or a card enabled with NFC technology.
NFC technology means near field communication, That is, Near Field Communication, and this technology allows payments to be made by bringing a card, watch or phone that has it close to the device.
In this way, customers simply bring these devices close to an enabled terminal and payment is made without having to enter the security PIN.
Contactless adoption in Mexico
In Mexico, the adoption of this technology has been carried out in different areas: from banking to public transport or concerts.
Contactless payments offer a much more agile user experience, as transactions are completed in seconds, eliminating the need to insert cards or handle cash, which also increases security as sensitive card or bank account data is not exposed.
Most common uses
Mexicans have several opportunities to use this technology. One of them is in public transportation in Mexico City: in addition to the Integrated Mobility card (which has NFC technology), Metro and Metrobús stations have this technology enabled so that users can also pay with credit and debit cards that have this technology.
On the Metrobús you can also pay with smart watches or phones that have digital wallets enabled.
At concerts, organizing companies use this technology so that attendees can load money and pay at the stations using that bracelet.
Point-of-sale terminals and aggregators are also beginning to enable this type of technology so that bank and fintech users can pay by simply tapping their card.
The retail sector has been one of the main beneficiaries of this trend, according to payments firm STP. “Convenience stores, supermarkets, restaurants and cafes have adopted contactless payment terminals, encouraging their use through different communication channels,” it said.
