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Wallets are not reaching their potential

Payment systems are in continuous expansion and its software and security regulation are the focus in many markets. Each new technology carry a load of expectation to be massively adopted.

There has been some attempts for the implementation of contactless payment systems, which use NFC protocol. Unfortunately, its broad usage seems far ahead.

Some technologies rely on the appearance of a great company, and it was believed that Apple would be the one to bring consumers along the road of contactless payments. published this article in which the author describe that since Apple Pay’s launch, two and a half years ago, there has been the expectation that conctacless payments would lift off, mainly due to the obivous advantages.

According to recent research, less than 40% of consumers that have NFC capable cell phones opt to make their payments using their NFC Wallet App instead of a plastic card. Karen Webster, Innovation Project’s moderator, states that this behavior occurs because consumers and merchants are not in love with the technology and would need some persuasion, which opens a great window of opportunity for companies to explore.

In many countries and in Brazil acquirers already support contactless payments however, the growing availability of cell phones supporting NFC Wallets does not reflect into a growing in usage, either due to lack of knowledge or lack of support from app developers (Samsung, Apple, Google and Microsoft).

New projects sprout every month throughout the world to strengthen contactless support, one example in which we have worked recently is adapting public transport to accept NFC payment as well as transit cards.

There are numerous possibilities for contactless payment systems to be developed, and Argotechno is ready to help you get them done.