5 fast facts about NFC mobile payments

Over the past few years, NFC mobile payments have changed our purchasing behaviour. 

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Cash and physical cards are slowly phasing out, and digital forms of payment are making their way into the mainstream. In fact, if you have a smartphone, chances are that you’ve already made an NFC mobile payment. 

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Hold on… what’s NFC?

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Let's go back a few steps. Near field communication (NFC) pay is a fancy term for the contactless payments we’ve been making over the past few years. NFC relies on a wireless transfer of data across devices that are close to each other. Put simply, this is the process that occurs when you whip out your phone and hover it over a card reader to pay. 

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Interested in finding out more? Here are some fast facts about NFC mobile payments.

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1. NFC mobile payments use a two-way encryption process, and are more secure than traditional card payments 

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Some people are sceptical of mobile payments, but they’re actually one of the safest ways to pay for things. 

When a customer is making a payment, the process of sharing data with the reader is encrypted, meaning that nobody else is able to take this data. Additionally, NFC payments aren’t authorised until permission is given from the users end, either through a password or a form of ID. Mobile payment is also safer than a traditional card, because if your card is stolen, it’s easy for someone to tap and pay for something as you don’t need a pin. But if your phone is stolen, it’s harder for someone to access your money. 

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2. NFC mobile payments can increase the efficiency of your businesses 

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Anyone who’s ever left the house has experienced the tedium of waiting in line at the cash register. There’s always someone who has trouble swiping their card or finding the correct change. Honestly, there’s nothing worse than having to wait for a slow customer on a busy day. However, with NFC mobile payments, customers are able to tap and go, saving you valuable time. Businesses move fast, and finding faster ways to serve your customers will make your staff more efficient.

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3. Customers spend more with NFC mobile payments

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It’s been found that customers in the UK spend 30% more when using  contactless payment methods, and the reason behind this is interesting. It’s been found that paying by card is perceivably less painful than handing over physical money, as swiping your card is less visual than paying with cash. 

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With NFC pay, this thought process is exacerbated. People have even less time to realise that they’re paying and are likely to part with more money than they would’ve if they were using another payment method.  We’ve all been there before. That quick feeling of tapping your card often leads to spontaneous purchases, which is great for hospitality businesses that often rely on upselling.

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4. NFC payments can increase customer loyalty

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Businesses that accept NFC pay can easily start NFC loyalty programs, where customers can tap their phone to earn and redeem points. Businesses with loyalty schemes have a higher likelihood of return customers, as benefits give people incentive to frequent your venue. So above and beyond being safe and easy, NFC mobile payments can also increase customer loyalty, which will benefit your business’s reputation.

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5. NFC mobile payments are becoming the preferred payment method

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According to a recent survey, 62% of customers in the UK prefer to use mobile payment methods.  As people’s trust begins to grow in mobile technologies, this percentage is forecasted to continue increasing. 

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NFC mobile payments are the way of the future, especially in the hospitality industry. They’re fast, safe, and best of all, they’re becoming the more favoured form of payment. The future of efficiency is bright with the rise in NFC pay, and nobody has to miss out on this innovative form of payment.

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Interested in increasing your venue’s efficiency with Yoello’s contactless payment system? Arrange a demo today.