The Tribune

Royal Bank of Canada (RBC) yesteday unveiled plans to launch contactless payment technology for merchants across The Bahamas and the Caribbean

The bank said point-of-sale devices will allow merchants to accept contactless-enabled payment cards, boosting the point-of-sale experience for their customers

These point-of-sale devices will facilitate contactless payment acceptance, or "Tap", as it is more commonly referred to.

"We are proud to be taking these next steps with contactless acceptance in our markets," said Rob Johnston, RBC's head of Caribbean Banking. "This enhancement further demonstrates our commitment to better serve our clients by providing innovative and secure payment solutions."

Contactless payment technology is a secure method of purchasing products or services via contactless-enabled payment cards, which employ Near Field Communication (NFC).

It offers advantages to both merchants and their customers by improving the convenience and speed of small payment transactions. The technology facilitates purchases with a contactless-enabled payment card by allowing a company's customers to simply "Tap to Pay" for a purchase on RBC NFC-enabled point-of-sale devices.

Customers will be able to use contactless-enabled payment cards from any issuer at RBC point-of-sale devices.

"Our investment in contactless payment technology is another step forward to achieve our strategic priorities and bring the bank of the future to our clients," added Mr Johnston. "RBC is serious about innovation, and this investment is just one of the ways we are enhancing our digital capabilities across the Caribbean."