Honeywell Debuts Contactless Payment Tool Smart Pay

As consumers increasingly turn away from cash payments, industrial conglomerate Honeywell has rolled out Honeywell Smart Pay, a contactless software payment solution.

According to a Tuesday (Nov. 1) news release, the tool allows Honeywell’s “powerful mobile computers to become secure and compliant payment terminals, accepting contactless mobile payments from anywhere a business sells or delivers goods and services.”

The Charlotte, N.C.-based company says the tool gives sales associates and service employees the ability to finalize payments on-the-spot in retail, parcel delivery, public transit and other businesses that use mobile payments.

“Effortless check-out and the delivery of specialized customer service can help create loyal customers and make lasting impressions,” said Taylor Smith, chief technology officer of Honeywell Productivity Solutions and Services.

“We designed Honeywell Smart Pay with the goal of helping merchants make consumer purchasing faster, easier and secure — making the customer experience better.”

Honeywell says Smart Pay supports major credit cards representing upward of 85% of worldwide transaction volume. Additional regional card brands are scheduled to be added to the platform next year.

See also: PYMNTS Intelligence: Convenience Is King in Money Mobility

Honeywell is launching this tool at a time when a record number of consumers have swapped out paying with cash and checks for online banking, contactless payments and peer-to-peer (P2P) payment apps.

PYMNTS research has found that 91% of millennials and Generation Z consumers said they have used apps like CashApp, Venmo and Zelle to pay friends and make purchases, with 44% reporting they do so at least once per week.

“Instant payments are now table stakes, and customers are looking for services that offer scheduling, customization and a lack of obtrusive authentication requirements when making their payment decisions,” PYMNTS noted in September.

Consumers also want innovative technology to help them in their money mobility. Almost two-thirds of millennials said they wanted to use voice commands to transfer money whenever they wanted — compared to 35% in 2020 — along with 64% of bridge millennials and 45% of Generation Z.