Everybody loves the convenience of contactless payment options, but some analysts believe the technology wouldn’t be this advanced if it wasn’t for the COVID-19 pandemic.
A reported rise in “non-traditional” options has caused some to rethink how payments are being processed too.
In the U.S., contactless payments have gone up 150% since March 2019. In addition, 49 countries have announced contactless payment transaction limit increases, ranging from 25% to 400%, with an average of 131%, according to data by EMarketer.
One reason why those who were on the fence about the new technology are starting to adapt is because of the extra layers of cybersecurity and fraud controls provided to the customer and the businesses accepting this form of payment. Manufacturers have developed ways for safe, secure transactions for everything – from groceries to takeout meals and even hotels and car rentals.
A factor that Fortalice Solutions CEO Theresa Payton believes will expand in the years to come thanks to the conditions created by COVID-19.
“I do believe that this adoption rate of contactless payments is something that’s not going to be a passing fad,” said Payton. ” I do believe it’s here to say.”
She cited that it’s not only Millennial’s forging into the new ways to pay for items, but older generations as well. It came down as a matter of health and hygiene for many not wanting to have contact with payment kiosks at stores.
Payton says something she found interesting from the study was the list of top mobile payment platforms.
“Number one was Apple Pay and many people say that’s not surprising. Number three was Google Pay which many people don’t find surprising. But guess who was number two…. It was Starbucks… You don’t often think about them as a mobile payment platform.”
Wow, that really says something about America’s need for coffee.
Listen to the entire interview with Theresa Payton below.