5 Quick takeaways from THINK Virtual Power Lunch: “Navigating COVID-19 Payments Trends”

At last week’s THINK Virtual Power Lunch, experts from CO-OP and Accenture dove deep into the current state of payments and how it may change over the coming months as a result of COVID-19.

The panel discussion shed light on a number of opportunities for credit unions, from rising consumer adoption of digital and contactless payments to top-of-wallet strategies within credit and debit.

A full recording of the “Navigating COVID-19 Payments Trends” webinar is available for download here. Be on the lookout for more THINK Virtual Power Lunches happening throughout the rest of this year.

Here were five quick takeaways from the conversation:

  1. Demand for Contactless Payments is Exploding

Contactless payments will be a huge area of growth for credit unions as more of their members begin using them. In fact, research has shown that nearly one third of Americans have begun using contactless payments for the first time. “My expectation is that [contactless] is here to stay,” said Bruce Dragt (CO-OP Chief Product Officer).  “It has moved from kind of a novelty to a fact of life.”

 

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