Global adoption of contactless payments has soared, accelerated by the security, convenience, and economic gains for customers and card issuers alike. Research shows contactless technology leads to increased card usage and decreased dependence on cash, offering issuers lower operating costs and new avenues of engagement and revenue.
Contactless Means No Dipping, Swiping or Waiting
Contactless payments don't require physical contact between the point-of-sale (POS) terminal and the payment device, which could be a dual-interface EMV chip card, a wearable device or mobile wallet. They are quickly gaining traction among consumers based on their speed and convenience, but industry experts, such as the Smart Card Alliance, assert that card issuers are the ones who will truly benefit.
Among the touted benefits, contactless cards offer convenience, reduced fraud, greater engagement, and an opportunity to increase transaction and payment volume as consumers migrate from cash to contactless. Contactless card issuers stand to gain speed, security and convenience.