The cornerstone of our success.block bar
Contactless payment has transformed our approach to the way we pay – and it has never been faster or easier. Over the last ten years, contactless payment solutions have gone from being virtually non-existent to a near essential of our society. A total of 7.4 billion contactless payments were made in the UK in 2018 – that’s 19% of all payments made. This figure is expected to rise to 37% by 2028.
Today’s contactless payment comes in many forms, and here at PFS we are committed to providing prepaid products that move with the expectations of the modern consumer.
As the name suggests, contactless payment is indeed just that – contactless. You are no longer limited to swiping your card, paying with cash, or even carrying your wallet. Instead, contactless users can employ a multitude of devices to complete payment, be it a card, phone, watch, key fob or an adhesive tag - whichever offers you the most convenience. Merely hover your chosen contactless enabled product above a PayPass™ or payWave terminal to pay for your goods at checkout.
Contactless technology utilises a small NFC antenna embedded into the product. When the antenna comes into close proximity with the terminal, it communicates to your bank or financial institution, via the Mastercard or VISA network, to approve your transaction and deduct the funds from your account. It really is that simple.
Prepaid contactless cards
As part of our ongoing strategy to offer the most up-to-date technology, PFS is constantly working with industry leaders to bring our own contactless solutions to customers.
Our prepaid contactless card represents the cornerstone of our success. With debit cards now rapidly accelerating away from cash as the primary source of payment in the UK – and contactless transactions making up a large part of debit card spending – our prepaid contactless payment solutions provide our customers with the flexibility to take control of their spending in-store and online at millions of locations worldwide (see our prepaid cards to use abroad for more detail).
Mobile payment technology
Contactless payment by mobile phone and other mobile devices is no longer a novelty. Payments are increasingly going mobile and we build a number of programmes offering state-of-the-art payment technology solutions that meet the demands of our clients.
Among our support technologies are:
Mastercard PayPass™ enabled adhesive tag
Our Mastercard PayPass™ enabled adhesive tag can be attached to any device you choose. Although contactless payment via mobile phone is growing to be ever more popular, our adhesive tag means you can enable any device, regardless of how up to date it is. With the technology built within the tag itself, you are not limited to carrying a contactless ready mobile phone or fob. Simply attach your PFS tag to your chosen device, and you now have a contactless product at your disposal.
The contactless revolution is well underway, with mobile payments spearheading a potential future move towards a cashless society within the UK. Contactless payment comes with a host of benefits to the consumer which have established it as a payment method staple.
At PFS, we are committed to creating modern, flexible and non-traditional solutions for the payments industry. Our products promote financial inclusion while offering a number of innovative features to our customers. Fast, reliable and completely secure, we cater to more than 1,700 corporate clients and 150 white label programmes worldwide.
We have established ourselves among the fastest-growing financial service providers in Europe, having been listed in the Financial Times Future 100 UK for 2018 thanks to our rapid growth and impact within the industry. We also featured as a Digital Technology Award winner at the RSM European Business Awards in the same year, cementing our status as a leader in the sector.
If you wish to know more about our contactless payment solutions, please do not hesitate to get in touch.
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