In the world of restaurants, a new trend has emerged: Contactless Payment. But what exactly is it, and could it be a good thing for eateries? Contactless Payment is a way to pay for your meals without using cash or even swiping a card. Instead, you simply use your smartphone, EC cash, Qr code & more, and voilà! Payment is done with just a tap. This technology has gained popularity, especially during the recent times when health and safety are top priorities.
But let’s dive deeper: Is it a helpful change for restaurants? This question has sparked debates among business owners and customers alike. In this article, we will explore the potential facts of Contactless Payment for restaurants. From quicker transactions to reduced germ spread, there are several aspects to consider. So, whether you’re a restaurant owner or a frequent diner, join us to uncover if this modern payment method serves up an advantage for the dining experience.
Recent Trends of Contactless Payment
The dining landscape has witnessed a remarkable surge in contactless payment methods. The days of fumbling for cash or swiping credit cards are gradually giving way to seamless digital payment options. With the advent of digital wallets, net banking, QR code scans, and tap-to-pay cards, customers are embracing these innovations for their speed and efficiency.
What is Contactless Payment?
Contactless payment refers to transactions made without the need for physical contact between a payment device and a point-of-sale terminal. This is typically facilitated through technologies like Near Field Communication (NFC), allowing users to simply tap their cards or smartphones on a compatible terminal to initiate the transaction.
Check out: What is Contactless Dining?
Is it Only a Trend or Restaurant Digitalization?
While it’s true that contactless payment has gained prominence as a trend, it’s far more than a fleeting phenomenon. The adoption of contactless payment methods aligns with the broader concept of restaurant digitalization. Restaurants are recognizing the need to integrate technology into their operations to enhance the overall dining experience.
Top 8 Facts about Contactless Payment
As customers increasingly seek convenient and secure ways to settle their bills, contactless payments have emerged as a preferred choice.
- Rapid Adoption Rate: Contactless payment methods in restaurants have experienced a rapid adoption rate in recent years. According to industry reports, over 70% of consumers in some regions prefer to use contactless methods when settling their restaurant bills.
- Pandemic Acceleration: The COVID-19 pandemic greatly accelerated the adoption of contactless payments in restaurants. Studies show that around 45% of consumers started using contactless payments as a safety measure during & post the pandemic.
- Increase in Transaction Limits: Many countries and payment networks raised their transaction limits for contactless payments to encourage their use during the pandemic. This change led to a substantial increase in the average transaction amount for contactless payments in restaurants.
- Mobile Wallet Usage: Mobile wallet apps, such as Apple Pay, Google Pay, and Samsung Pay, have gained significant popularity for restaurant payments. Reports indicate that mobile wallet transactions constituted nearly 40% of all contactless payments in restaurants.
- Enhance Customer Experience: Contactless payments have been linked to an improved customer experience in restaurants. Patrons appreciate the convenience of quick, secure payments without the need to handle physical cash or cards. This has led to higher customer satisfaction rates.
- Global Market Growth: The global contactless payment market for restaurants and food service establishments is projected to continue growing. Market research estimates indicate that the market will maintain a compound annual growth rate (CAGR) of around 18% from 2021 to 2026.
- Tableside Ordering and Payment: Contactless payments have paved the way for innovative dining experiences, including tableside ordering and payment. With the use of QR codes, customers can browse menus, place orders, and make payments directly from their smartphones, reducing wait times and enhancing overall efficiency.
- Security Concerns Addressed: Contactless payment methods have taken measures to address security concerns. Tokenization and encryption techniques are commonly employed to ensure that customer payment information remains secure during transactions. This has helped alleviate initial worries about data breaches and fraud associated with contactless payments.
Check out: Fleksa’s Restaurant POS System with Contactless Payment Integration
Is it Beneficial for Restaurants?
Absolutely, contactless payment systems have proven to be highly beneficial for restaurants. By offering a frictionless payment experience, establishments can enhance customer satisfaction, streamline operations, and stay aligned with evolving consumer preferences. Moreover, the integration of contactless payment reflects a commitment to modernization and innovation, thereby attracting tech-savvy patrons.
Fleksa Powered Contactless QR Payment & Ordering System
One noteworthy innovation in the realm of contactless payment is the Fleksa powered Contactless QR Payment & Ordering System. Our cutting-edge solution offers restaurants an integrated QR codes through which customers can view menus, place orders, and make payments seamlessly. The system not only optimizes the dining experience but also empowers restaurants to adapt to evolving customer preferences.
In conclusion, contactless payment has transcended the realm of trendiness and evolved into a significant aspect of the modern restaurant experience. Its capacity to expedite transactions, prioritize hygiene, and enhance operational efficiency positions it as a beneficial tool for restaurants seeking growth in a digital era. As technology continues to shape the way we interact with the world, embracing innovations like contactless payment will likely become an essential strategy for staying competitive in the restaurant industry.
if you’re looking to implement contactless payment in your restaurant, contact Fleksa for a FREE demo!