Eye on Payments 2020: Part II – Contactless payments rise during COVID-19

Amid the COVID-19 pandemic, consumers of all generations are looking for new ways to transact for everything from grocery shopping to retail purchases to dining out. In addition, with health and safety remaining top of mind, people are seeking forms of payment that limit physical contact. Contactless cards and other touchless options have filled this need.

Welcome to part two of our blog series on Eye on Payments 2020. PSCU’s third annual consumer payments study examines payment preferences among credit union members and other financial institution customers (“non-members”) across the U.S. and how they evolved over the past year. For credit unions, the study shows how you can better meet these preferences and needs to drive member experience and growth.

In our first blog from our 2020 study, we highlighted changing consumer preference choices and purchasing behavior as a result of COVID-19. Today, we’ll explore how the pandemic has accelerated contactless payment adoption and usage, along with an increase in mobile wallet usage and digital banking.

 

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