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There Were 4 Good Reasons Banks Wouldn’t Issue Contactless Debit:

PaymentsJournal by PaymentsJournal
August 13, 2019
in Contactless, Debit, 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 – Ready or Not, U.S. Contactless Debit Card Issuance Takes Off.

There were 4 good reasons banks wouldn’t issue contactless debit:

  1. Not all merchants are currently accepting contactless transactions
  2. Consumers aren’t demanding tap-and-go technology
  3. It’s unlikely consumers would switch banks to get a contactless card
  4. Contactless debit cards are expensive for issuers to produce

But several large banks have announced they’re replacing existing debit cards with dual interface cards, including:

  • Bank of America
  • JP Morgan Chase
  • Wells Fargo

In addition, several others have signaled they will too:

  • Commerce Bank
  • HSBC
  • KeyBank
  • Santander
  • TD
About the viewpoint

Several issuers have announced their intentions to issue dual interface cards, ushering in contactless transactions at the point-of sale for debit cardholders.

As cards issued during the migration to EMV chip cards are now being re-issued to accountholders, financial institutions are moving to contactless, even if the acceptance market isn’t quite ready.

Tags: ContactlessDebit Cardsissuers
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