How COVID-19 is strengthening contactless payment adoption among members

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading » Before the COVID-19 pandemic crisis introduced consumers to a “new normal,” contactless was already gaining ground as a preferred method of payment.A February 2020 report from Juniper Research forecasted global contactless transaction values would triple from $2 trillion in 2020 to $6 trillion by 2024. In the United States alone, transaction values would grow from $178 billion in 2020 to $1.5 trillion in 2024[i]Contactless Trend Accelerates During COVID-19 CrisisAs the coronavirus pandemic has swept the world, consumers have grown increasingly concerned with traditional methods of in-person payment, including cash and dipping or swiping their card at the point of sale. Cardholders are looking toward contactless and digital wallets as safer alternatives. A March 3, 2020 survey of consumers, 38% indicated that having a contactless feature on their credit card was a “table stakes” need, up by more than 26% compared to a prior period[i].last_img

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