We are witnessing a surge across the payments industry, accelerating a transition towards cashless. The research reveals that, as more people are informed of the risks of exchanging cash and touching credit-card terminals, cashless technology will continue to storm into the mainstream of America.
The Expedited Transition To Cashless Payment
We know due to Covid-19, the use of contactless mobile payments is growing. The convenience of a pure contactless bank card combined with a rise in retailers that allow contactless payments has driven a change in consumer habits over the past years.
In all three countries recently surveyed, more than half of respondents (63% in France, 52% in Germany, and 56% in the UK) indicated that they now use contactless payment methods more regularly than before the Covid-19 crisis. And why? Due to the risk of infection and to help contain the virus. This represents a significant change inhabits, and it is easy to understand the reason. Even with retailers going to extra lengths to restrict the spread of the virus, such as limiting the number of customers allowed into their stores at any one time and more regular store cleaning, considerable risks are still present when exchanging cash or touching payment keypads.
It appears that Covid-19 will be the unlikely catalyst for advancing and driving our transition towards cashless payments faster than anyone could have predicted.
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Steve Feldshuh VP of Strategic Sales