The cashless and contactless future of payments

1. The Cashless and Contactless Future of Payments

2. Introduction In addition to the health status and the economic status of the global population, the coronavirus outbreak is also threatening the centuries-old method of currency-based payments.  As there is a common notion about the virus being spread through cash-based currency, there has been an accelerated shift toward the cashless alternatives for making payments.  Card-based payments, digital or app-based payments, and other similar payment technologies were slowly gaining ground before the COVID-19 virus hit the world. But now, they have become the go-to method for payments and transactions, and are deemed the ‘safer’ choice for making purchases.  As per a pre-COVID report, the global contactless payment market size was expected to grow from USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.  

3. Cashless vs. contactless – what is the difference? Before talking about the difference between these two modes of payment, let us first talk about the one similarity among them. Both cashless and contactless payments eliminate the involvement of cash-based currency from a transaction. Both of these methods are much faster and secure than cash-based payments, and result in a smoother customer experience.

4. Quality assurance supporting the cashless payment ecosystem The acceleration of digital transformation has consequently pushed the adoption of several digital-native technologies including cloud and data centers.  As the world is essentially operating remotely, the adoption of cloud-based solutions aid them to keep functioning normally. The cloud brings the business benefits of scalability and flexibility, and thus becomes the ideal choice for supporting innovative solutions like cashless and contactless payment technology.  Read Full Blog at: https://www.cigniti.com/blog/cashless-contactless-payment-solutions-testing/