As we navigate the global pandemic, we constantly hear the phrase, “Please keep your distance.” When we’re in public, running errands and doing our shopping, we maintain space between ourselves and others. Shouldn’t we do the same when we check out and pay?
Before the pandemic, less than 10% of Americans used contactless payments, according to Bain. Now, the U.S. is seeing more Americans opt for touchless payments in response to health concerns. In fact, Visa reported contactless payments for transit fares skyrocketed to 187% between April and June 2020. Consumer and retailers alike are more interested in contactless payments. A recent National Retail Federation and Forrester survey found that 58% of retailers accept contactless cards, up from 40% last year.
With the growing spotlight on contactless payments, now is the time for innovative fintech companies to take charge of the conversation around the future of safe and efficient payments. Check out the video below to learn more about the rise of contactless payments.