A New Way To Pay: The Next-Generation Of Contactless Payment Technology

Successful businesses know that a good customer experience means providing as much convenience as possible. And when contactless payment technology first hit the scene about a decade ago, it presented a new opportunity for businesses to do just that. By eliminating the need for shoppers to dig out their credit card, sort through cash or deal with paper receipts, this innovation has made completing a transaction faster and easier. This, in turn, has made for happier sellers and consumers.

Mobile payment technology has evolved significantly over the past few years, and is expected to gain more traction in the next year or so. According to eMarketer, in 2017, the value of U.S. proximity mobile payments is expected to hit more than $62 billion – a nearly $34 billion jump from this year – and at least $314 billion by 2020.

Evolution of electronic payments
Without a doubt, contactless payments are the future of transactions. They offer the efficiency merchants need and convenience customers expect. However, they are not without their limitations. Many of the popular types of digital payment technologies – such as near-field communication, Bluetooth and Beacon – have issues that need to be resolved, such as POS system upgrades, device-compatibility requirements and security concerns.

To maintain a competitive advantage in this ever-evolving and rapidly changing environment, businesses must operate with a forward-thinking mindset. This means staying at the forefront of industry trends and innovations and adopting solutions that eradicate the pain points of existing and outdated systems. LISNR is at the forefront of this movement, completely revolutionizing the concept of contactless payments.

Powering frictionless payments
As the world’s most advanced data over audio solution, LISNR eliminates issues that normally cause friction and frustration with mobile payments today. Using inaudible sound waves to transfer customizable packets of data, Smart Tones enable close range device-to-device communication and secure transactions. Below are some of the benefits Smart Tones offer merchants:

• Lower operational costs: Smart Tones use the existing microphone and speaker infrastructure (rather than chip and antenna) present in most mobile devices and POS systems today, so there’s no need for merchants to purchase new hardware or equipment, making it incredibly more affordable than other options out there. In addition, the enhanced transactional efficiency Smart Tones facilitate allows businesses to complete more sales.
• Security: Security is one of the biggest concerns both consumers and merchants have when it comes to adopting mobile payment technology. However, Smart Tones enable offline authentication between devices. They use single-use keys, metadata and tokenization, making transactions safe and secure. Also, because the tones can be set to expire at a certain time, it offers merchants a way to further reduce the risk of fraudulent transactions.
• More flexibility: Smart Tones are compatible with just about every device and the unique tone generations can be used in a wide range of environments. Since there is no need for Wi-Fi, data connectivity or additional hardware, LISNR’s technology can easily be deployed and used by almost anyone, at any scale, with a consistently high coverage.

Smart Tones represent the next generation of digital and mobile payment technology, paving the way for merchants to completely transform the transaction experience. By using Smart Tones, companies gain a competitive advantage, stand out in the industry and position themselves as pioneers who truly care about putting the convenience and security of their customers above all else.

To learn more about how LISNR is reshaping the contactless payment movement, watch the video below: