Smart Card based payment systems have been introduced for more than 30 years; however, most people are still using cash payment even in well-developed countries.
Why we want to introduce a smart card payment system into our daily life?
1. Cardholder convenience
This is a convenient way of making payment using your contactless smart card. You don’t need to move around with a bulky wallet full of cash and no more hassles of keying a PIN to approve transaction or signing receipts.
2. Increased security and safety
This is a secure mode of payment that takes place between two devices. Mifare technology incorporates AES and DES/Triple-DES encryption standards, as well as an older proprietary encryption algorithm. This reduces the threat of hackers stealing valuable information.
3. Efficient gains and cost savings
Tapping to pay is much more convenient than any other payment methods. Customers can use a contactless payment card without taking it out of the wallet. It increases customer satisfaction as waiting time is reduced. On the other hand, merchants can accept more payments during peak sales times. Businesses can reduce delays without having to hire extra staff.
4. Improve customer relationship
With contactless payments, businesses can optimize their loyalty programs and improve customer relationships. You can send loyalty, membership, special offers, and reward to your contactless smart card payment system.
Nowadays, you can build a smart card payment system easily with off-the-shelf equipment: