PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Contactless Payments: Coming to Your Place of Worship?

By Tristan Hugo-Webb
April 28, 2014
in Mercator Insights
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

We Need You Concept

Recently, Nivard Cabraal, Governor of Sri Lanka’s central bank, publicly urged staff at Hindu temples and other places of religious worship in Sri Lanka to move beyond cash donations and set up point-of-sale terminals using contactless payment technology. At a press conference, Cabraal encouraged religious institutions to set up “tap and pray” terminals similar to the transit fare terminals that can be found in leading international cities like London (Oyster card) and Hong Kong (Octopus card).

With an ongoing coin shortage in the country, the central bank is urging Sri Lankans to replace the customary practice of leaving coin donations with electronic payment donations. The coin shortage is so severe that the central bank is planning a series of initiatives to boost the number of coins in circulation, including by sending teams to collect coins donated at religious sites in exchange for banknotes. The central bank is in negotiations with Hindu and Buddhist temples and Christian churches in neighboring India to collect over 30 tons of Sri Lankan coinage.

While the push for electronic payments in Sri Lanka is born out of an ongoing currency crisis, the move away from traditional payment instruments like cash is an issue that many developing countries are encountering as consumers around the world begin to use payment cards for the first time. Contactless payment technology may be one of the more effective means of bridging the consumer payment experience from traditional payment options to electronic payment forms.

The convenience of contactless payments may negate the advantage of cash over electronic payment forms and as a result should help boost electronic payment use not only in the U.S. but in many developing countries.

For more information on global contactless developments, see Mercator Advisory Group’s research note, International Contactless Payment Developments, released in October 2013, and for more information on cash use and other debit payment topics in the U.S., see Mercator Advisory Group’s research report, Consumers and Debit 2013: A Shift to Alternative Payments, released in December 2013.

This Mercator Advisory Group Perspective is an extract taken from our Mercator Advisory Group’s members only library, which provides additional analysis and guidance to assist our members in uncovering new market opportunities and optimizing current strategic initiatives for maximum revenue generation and cost containment. See the full blog library of public and private blogs here

To gain full access to Mercator Advisory Group’s blogs, research, primary data (CustomerMoitor Survey Series), advisory and consulting services or to learn more about becoming a member of Mercator Advisory Group email us at [email protected] or call us at (781) 419-1709.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: CreditCustomer RetentionDebitPrepaid

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    mastercard merchant

    Payments Simplicity Is Still Key for Most Shoppers

    December 15, 2025
    cross-border tokenized deposits

    Ant International and HSBC Pilot Cross-Border Tokenized Deposit Transfers on Swift

    December 12, 2025
    Fiserv stablecoin

    Three Small Business Trends That Banks Can Hop On in 2026

    December 11, 2025
    echeck

    Beyond Paper: Why More Businesses Are Turning to eChecks

    December 10, 2025
    metal cards

    Leveraging Metal Cards to Attract High-Value Customers

    December 9, 2025
    fraud as a service

    Keeping Up with the Most Dangerous Fraud Trends of 2026

    December 8, 2025
    open banking

    Open Banking Has Begun to Intrude on Banks’ Customer Relationships

    December 5, 2025
    conversational payments

    Conversational Payments: The Next Big Shift in Financial Services  

    December 4, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result