There is no doubt that the coronavirus has disrupted nearly every aspect of our daily lives and ushered us into a “new normal” that is still rapidly evolving. As we adjust to our new reality, consumer behaviors and preferences are shifting. Ubiquitous anxiety over the spread of the virus has caused consumers to pay far more attention to their health and safety, including when it comes to making payments. We’re using food delivery services, curbside grocery pickup, and shopping more online to keep ourselves and others safe.
For credit unions, paying attention to evolving member preferences when it comes to payment options is now critically important. In this article, we’ll discuss trends in the market that point to more rapid adoption of contactless payment methods and give you some practical steps for how you can stay ahead of the game and meet your members’ needs.
Rapid Adoption of Contactless Payments
To make a contactless payment, you simply hold a credit or debit card up to a payment terminal and it automatically reads the card information. Before the coronavirus crisis, Americans had not fully bought in to using this technology, especially when compared to its wide-spread use in other countries. In 2019, Visa reported that only 0.18% of point-of-sale transactions were contactless.
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