Contactless payments: The new normal and how to offset the costs

Have you had upgrading to contactless payment cards and other digital wallet services on your wish list but haven’t made the move yet? Put those at the top of your priority list, stat. Thanks to the COVID-19 pandemic, the industry has seen a seismic shift over the past six months in the way consumers pay.

What used to be “nice to have” features that would draw in younger account holders are now table stakes requirements across the board, and those who haven’t upgraded yet are missing the boat in more ways than one. Discover why it’s imperative to get in on the contactless card/digital payment trend now, and an easy trick for offsetting some or all of the costs of doing so.

What’s in a name?

“Contactless” is the name of the game right now and for the foreseeable future, as people avoid germ-heavy cash and touching of payment terminals. With contactless debit and credit cards, often referred to as “tap to pay,” no tapping is actually required—just a placement of the card within a few inches of the payment terminal. The “digital wallet” (or “e-wallet”) is another type of contactless payment option; it refers to a mobile phone app or other service that stores payment information in the cloud so consumers can pay via their smart phone or wearable device.

 

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