The contactless payments market has been around for quite some time now, although, with the rise in popularity of wireless devices like smartphones, they have also become more popular over the last few years. As with contactless credit and visa cards, contactless payments also come with their corresponding fees - although they also have their limitations. There are, however, a growing number of businesses that are taking advantage of this technology, using them to replace traditional forms of billing. These businesses can either adopt a pay-as-you-go system, where customers' bills are billed every month or a data plan with monthly charges. Both of these systems can provide smartphone users the same convenience as they receive from their credit cards. However, they do have different sets of limitations.
Most small businesses are familiar with this type of transaction since it is standard practice in most restaurants, retail stores, etc. Furthermore, many small businesses use such systems as it eliminates the need for them to hold credit cards for purchases. Recently, in March 2021, Axis Bank, an Indian private bank, launched contactless wearable devices by partnering with Thales and Tappy Technologies... Read more