PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Long before COVID-19, Debit Issuers Were Championing Contactless Transactions:

PaymentsJournal by PaymentsJournal
July 28, 2020
in Contactless, Debit, Truth In Data
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

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 report –COVID-19: The Power Behind Contactless

Long before COVID-19, Debit Issuers Were Championing Contactless Transactions:

  • Contactless transactions require purchasers to initiate a payment by waving their form factor–card, phone, or wearable–within three inches of a merchant’s terminal. 
  • The motivation for issuers is the opportunity to convert more cash purchases to interchange earning card transactions.
  • Convenience and checkout speed drive adoption from merchants and purchasers alike–markets outside the U.S. have embraced these benefits. 
  • The Reserve Bank of Australia reported that in 2019, 83% of in-person point-of-sale transactions were contactless, with a substantial preference for cards over mobile or other devices.
  • UK Finance reported that in March 2020, 45% of all debit card transactions were contactless in the U.K.
  • Payments Canada noted in its 2019 Canadian Payments Methods and Trends report that nearly 60% of debit card transactions were contactless.
  • In contrast, pre-COVID adoption of contactless card and mobile payments in the U.S. was tepid at best.

About Report

COVID-19 has created consumer interest and use of contact-free payment experiences as fear of infection from surfaces, including a point-of-sale (POS) device, drives new behaviors. While reports and surveys proclaim cardholders’ interest in contactless technology, the actual number of contactless debit transactions authorized on a contactless card or mobile app remains elusive. This report, COVID-19: The Power Behind Contactless, considers the available market data and Mercator Advisory Group research to better understand the level of contactless payment activity and the degree to which COVID-19 is affecting its growth.

“The onset of the coronavirus created the perfect storm of events that is driving awareness more quickly than all the promotional activities have to date. Cardholders’ wellbeing is the incentive to adopt a new payment method. More consumers are now aware of the contactless capabilities they have on their debit card, which is driving new users in addition to increased use by current users,” comments Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group and author of the report.

Tags: AustraliaCanadaConsumer BehaviorContactlessCoronavirusDebitDebit CardsinterchangeTruth In DataUnited KingdomUnited StatesWearables
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

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

    Must Reads

    Eco-Focused Payment Cards Help Pave the Way for a Sustainable Future

    Eco-Focused Payment Cards Help Pave the Way for a Sustainable Future

    October 4, 2023
    money-laundering, money laundering

    AI Can Alleviate Money-Laundering Frustrations

    October 3, 2023
    Online Grocery Sales Efforts Take A Giant (Stores) Step Forward

    Did Payments Innovation Kill Brick-and-Mortar?

    October 2, 2023
    open-banking Data-Sharing as a Solution to Cash Flow Issues standa

    Disjointed Open-Banking System in U.S. Leaves Opening for Permissioned Data Providers

    September 29, 2023
    FedNow

    FedNow Could Mean a Renaissance for Smaller Financial Institutions

    September 28, 2023
    Best Merchant Practices for Dealing with Supply Chain Disruption

    Nearly Half of Merchant Data is Probably Wrong. Here’s Why it Matters.

    September 27, 2023
    Mitigation of P2P Fraud Begins with Education

    Mitigation of P2P Fraud Begins with Education

    September 26, 2023
    digital payments

    Mass A2A Payment Adoption in The U.S. Contingent on Compelling USP

    September 25, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result