Contactless payments at a tipping point?

Plastic with contactless chips were being rolled out slowly. Will it become an avalanche?

A pandemic of global proportions may be pushing contactless card adoption to new heights, and soon.

The Futurist Groupthink firm has just issued a report on survey findings that the coronavirus outbreak had sharply increased U.S. consumers’ perceived importance of contactless payments.

And that was as of March 3, the report notes, the same day the World Health Organization advised consumers to quit using cashbecause of the ability of paper to carry the deadly virus.

The Futurist Group’s survey of 3,187 structured product reviews on the perceived importance of contactless functionality in evaluating a credit card offer found that 38% of consumers considered it “table stakes”, a 26.6% jump from before the virus hit.

 

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