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Card networks have stepped up their contactless distribution

PaymentsJournal by PaymentsJournal
January 6, 2021
in Contactless, Truth In Data
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Don’t miss another episode of Truth In Data! Click on the red bell in the lower-left corner of your screen to receive notifications as soon as the episode publishes.

Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint Titled: Contactless POS Payments Finally Ready For Prime Time

Card networks have stepped up their contactless distribution

  • The wifi symbol has become a familiar sight: Visa plans to have 300 million contactless cards in the US by 2021
  • All new cardholders of AMEX and Discover receive contactless cards as the replacement.
  • The loser in this scenario is physical cash use in quick-stop destinations and low priced items
  • In April 2020, Mastercard reported 51% of U.S. consumers are using contactless payments
  • Visa has stated that 60% of their U.S. face-to-face transactions are contactless
  • Further support for contactless derives from POS terminal makers who are saturating enterprise merchant in-store networks

Abstract of the Viewpoint

Several years in the making, contactless payment cards are finally arriving in large numbers at mailboxes throughout the U.S., as domestic cardholders catch up with the rest of the world. But contactless goes beyond plastic cards, with mobile apps providing another payment option for consumers to choose. While COVID-19 has accelerated contactless in 2020, payment providers and merchants now see that no-contact POS transactions can be a differentiating strategy to engage and expand their customer base beyond the pandemic. 

Tags: Card networksContactlessMerchantPoint of Sale
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