Payments News

What It Takes To Get Consumers (And Merchants) To Go Cashless, Contactless – And PIN-less

May 06, 2020

The appeal of contactless payments has skyrocketed since the pandemic hit across the globe. Payment network giants such as Visa and Mastercard said in their most recent earnings reports that contactless payments, especially in face-to-face transactions, surged by double digits year over year.

Yet mobile wallet usage has been stuck in the single-digit range, despite being available for years.

In an interview with Karen Webster, Lillie Platko, general manager, payment networks at FIS, said the stage might be set for contactless adoption to be cemented as a payment method of choice even after the pandemic is a memory.

But it will take a mindset shift on the part of merchants and consumers — and a return of foot traffic to the stores, of course.

As Platko said, the data show that consumers are willing to try something different when it comes to payments, chiefly to avoid touching things. FIS has found that, as part of its own research, roughly 50 percent of respondents have used contactless methods to check out at a store since COVID-19 restrictions went into effect. And according to the data, 31 percent of consumers will use contactless or digital payments in the aftermath of the virus.

By PYMNTS

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