Payments News

How coronavirus penalizes late adopters of contactless cards

May 12, 2020

Coronavirus has been a boon to contactless card usage and awareness — tens of millions of consumers across Europe, Asia and Canada prefer tapping over swiping a card to minimize viral exposure, according to new data.

But U.S. card issuers aren’t getting the full benefit of the contactless phenomenon because of their slower contactless card rollout strategies.

Most large U.S. card issuers only began contactless card rollouts last year by replacing EMV contact-only cards one by one as they expired, or issuing them when customers open a new account. Many small issuers still haven’t begun their contactless migrations because they’re still burning through older EMV card stock.

By Kate Fitzgerald

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