Innovative payment methods

New payment methods have appeared in recent years. They have considerably simplified our daily lives and impacted our consumer experiences. In this article, we introduce you to the 3 most modern payment methods and what makes them different.
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Rhea Tabbara

Rhea Tabbara

Marketing Director
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Contactless card payment

Contactless smartphone payment allows consumers to settle their payments without contact and without having to take out their bank card. Made possible thanks to NFC technology allowing data transmission over a short distance, as well as a dedicated application on the device, the phone will operate like the contactless of a credit card.

How it works:

In the wallet application of your smartphone, add your bank card by synchronizing your bank details. You will be asked to validate the operation with your banking application. As with contactless, bring your smartphone to the payment terminal, validate with your pin code or fingerprint and the transaction is done.

What are the risks:

Mobile payment requires your pin code or fingerprint to validate a transaction. In the event of loss or theft, your smartphone is also locked with your code or facial recognition. However, be sure to notify your bank to uninstall the smartphone from their system.

Contactless smartphone payment

Contactless smartphone payment allows consumers to settle their payments without contact and without having to take out their bank card. Made possible thanks to NFC technology allowing data transmission over a short distance, as well as a dedicated application on the device, the phone will operate like the contactless of a credit card.

How it works:

In the wallet application of your smartphone, add your bank card by synchronizing your bank details. You will be asked to validate the operation with your banking application. As with contactless, bring your smartphone to the payment terminal, validate with your pin code or fingerprint and the transaction is done.

What are the risks ?

Mobile payment requires your pin code or fingerprint to validate a transaction. In the event of loss or theft, your smartphone is also locked with your code or facial recognition. However, be sure to notify your bank to uninstall the smartphone from their system.

Payment by QR code

Payment by QR code ("Quick Response code") is a new technology resulting from mobile payments. Born in Japan in 1994 and become common in the countries of East Asia, this modality is gaining momentum recently in Europe to streamline checkouts using a matrix barcode scan ( the QR code) with his smartphone.

How it works:

Your merchant has a unique QR code displayed in the store, on his smartphone or tablet. Open the scanner of the payment application, scan the QR code, enter the amount to pay and validate your payment as for mobile payments.

What are the risks:

Perfect in the event of a pandemic, payment by QR code allows you to enjoy a more hygienic contactless payment experience. This system can also store large volumes of data and is more secure when it comes to payments, as the information can be encrypted. Make sure, however, that you only scan codes from trusted entities (your Carlo merchant).