YESpay, taking its leap of innovation in the world of Contactless Payments has successfully equipped 250 locations of the much talked about North Greenwich Arena (previously known as The O2 Arena) for accepting contactless payments.
With Olympics 2012 being the first-ever contactless games, YESpay shares the limelight as the contactless payment solution provider for the North Greenwich Arena where Artistic Gymnastics, Trampoline, Basketball, and Wheelchair Basketball will be hosted at the London 2012 Summer Olympics.
In today's era where technology creates the everyday experience for customers, merchants are constantly challenged to offer more versatile and cutting edge payment solutions. Wave-and-pay! That's where the world is headed. EMV secured Contactless Payment technology allows customers to pay for items by simply waving their card at the POS for items worth £20 and under. Hence, customers enjoy shorter queues at the tills with no need to fumble for coins or entering a PIN when they pop out for a quick lunch or a coffee.
YESpay has already achieved Barclaycard Business contactless approval with the Vx810 PED (PIN Entry Device) and is currently undergoing approvals with the latest Verifone Vx820 PED with all major acquirers in Europe and North America.
What's the retail score?
Visa predicts the number of contactless POS terminals in the UK will rise by 50% to 150,000 in 2012. With Visa's PayWave; MasterCard's PayPass and American Express's Express Pay out in the market, Contactless Payments are certainly on the go. "With more than 18 million dual contact and contactless technology cards already in circulation by issuers we can say more than 1 in every 8 cards is a contactless card as of today so we expect more and more contactless card payments in the coming years", says Dr. Chandra Patni, CEO, YESpay.
Contactless Payments has created a big buzz in the payments industry at large! Merchants that accept Contactless Payments in the UK as of today include McDonald's UK, Boots, Subway, Pret a Manger, 7-Eleven and Regal Theaters. Selected outlets of Burger King and Clinton Cards also accept Contactless Payments. Greggs The Bakers is going contactless at its 1,500 shops. Larger retailers like WH Smith and Tesco will also offer contactless payments services soon.
Sprint with the benefits of Contactless Payments
Contactless payments have gained significant momentum in the marketplace due to the array of benefits they offer to customers as well as retailers.
o Speed and convenience: Customers no longer need to carry cash for lower value transactions;
o Increased transaction volumes for financial institutions and retailers by capturing transactions typically made using cash;
o Enhanced customer loyalty and retention for retailers;
o Use of international standard ISO/IEC14443 for contactless communications and EMV standards backed by the major payment brands - MasterCard and Visa;
o Higher throughput and increased spend per transaction for merchants;
o Security measures have been incorporated to mitigate risks and shift liability to the issuers.