Importance of testing in Cashless payments and transcriptions

In addition to the health status and the economic status of the global community, the coronavirus outbreak is also endangering the centuries-old practice of currency-based payments.  As there is a general notion about the virus being circulated through cash-based currency, there has been an accelerated transformation toward the cashless options for making payments. 

Card-based payments, digital or app-based payments, and different payment technologies were slowly obtaining ground before the COVID-19 virus hit the world. But soon, they have become the go-to system for payments and transactions, and are considered the ‘safer’ option for making purchases. 

As per a pre-COVID report, the global contactless payment market size was assumed to grow from USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% through the forecast period.  Now as the circumstance has tremendously sped up, we can assume to notice a huge variation in these projections.  

With disruptors starting innovative payment solutions, such as online payment processing methods including Amazon Pay, Google Pay, and Apple Pay, we are absolutely headed near a cashless and contactless future of payments. 

As people are openly adopting these new methods of doing payments, the payment solutions providers must assure that they do not drop short of their promises. 

In these times of change, a robust, secure, and smooth mode of payment becomes essential for evolving the trust between the users and the payment solutions providers. 

Cashless vs. contactless – what is the difference? 

Before discussing the difference between these two modes of payment, let us first talk about the one similarity between them. 

Both cashless and contactless payments exclude the involvement of cash-based currency from a purchase.  Both of these methods are much faster and protected than cash-based payments and result in a smoother consumer experience. 

Now, speaking about the difference between the two: 

Cashless payments may incorporate card-based payments, online transfers, digital wallets, or mobile payments. These may or may not need an agreement between the sending and collecting terminals. 

Contactless payments, however, use Near-Field Communication (NFC) or Radio Frequency Identification (RFID) technologies to finish payment without requiring contact or touch. The NFC or RFID-enabled cards use zero-touch technology and only need a swipe or wave in front of the gathering terminal to trigger the payment. 

Quality assurance supporting the cashless payment ecosystem 

The acceleration of digital transformation has consequently driven the adoption of several digital-native technologies including cloud and data stations. 

As the world is actually operating remotely, the adoption of cloud-based solutions helps them to keep working normally. The cloud delivers the business advantages of scalability and flexibility and thus enhances the perfect choice for promoting innovative solutions like cashless and contactless payment technology. 

Every bank today has an app for its consumers, both on iOS and Android. The consumer is oblivious to the fact that there are legacy applications working with most of these banks and requires a better customer experience for all of their transactions. Consumers have zero-tolerance these days and can immediately release their anger on various social media platforms. In this backdrop, testing the functional and non-functional features completely, and installing quality engineering early on in the lifecycle is very crucial and imperative for the banks to succeed in this digital age. So, QA and QE are the highest order in terms of a CTO or a CIO level risk in today’s board-room meetings. 

So, know when you should be using the software and how to configure the software. And, definitely making certain that the data is used properly so that the service, the quality, and experience for the consumer is all improved as you move along. In terms of choosing components, that’s mainly based on what’s the real advantage.

Therefore, when we discuss disrupting the payment economy, software quality assurance and quality engineering allow the payment solutions providers to encourage their capabilities and assure that their customers obtain only the best of their services.

TestUnity experts understand that functional and transactional efficiency, ease of access, 24/7 availability, & performance are essential to any banking app. We have successfully delivered testing services, performing its Test Center of Excellence, delivering Managed Testing Services. Schedule a session today with our experts to enjoy end-to-end testing services.

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