Offering contactless drives growth and profitability for credit unions

Card-based payments have been evolving for as long as they’ve been around.

This past decade alone has seen a groundswell of new payment methods and form factors, from digital wallets like Apple Pay®, Google Pay™ and Samsung Pay™, to P2P apps like Zelle® and the growing acceptance of contactless cards and wearables.

While this evolution has been happening for some time, it took a worldwide pandemic to speed up the widespread adoption of digital and contactless payments.

COVID Changed Everything 

The onset of COVID-19 has accelerated the decline in cash use at the point of sale, and in 2021 mobile wallets’ share of global POS transaction value exceeded that of cash for the first time. Meanwhile, 67% of American consumers report they now regularly make contactless payments with their credit or debit card, and 37% make contactless payments with their smartphone or wearable device.

 

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