July 2020

The Contactless Payments Revolution Has Begun

In my 25 years in the payment processing profession, we have seen many technologies come and go while others have disrupted the industry to the likes of what digital music did to the CD.

Right now we are seeing the beginning phases of the next shift that may change the way consumers use their credit and debit cards on a massive scale — and it may happen very quickly.

COVID-19 has dramatically accelerated the contactless payments industry which has created new challenges for business owners and opportunities for payment processing professionals to help business owners solve those challenges. reported in March that, “The global contactless payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period.”  Source.

Note that the research was conducted before the pandemic was rapidly increasing in many states around the USA. We expect to see contactless payments greatly outperforming the forecasts.

According to a July 7, 2020 article on ImpactLab, “Mastercard’s head of digital solutions says the pandemic has forced many consumers to reconsider how they think about paying for things and thinks many of those changes will last.” Source.

On July 6, 2020, an article in OrlandoWeekly referred to a recent study conducted by investment bank JPMorgan Chase who shared their new credit card study that directly links infection spikes to in-person restaurant dining. “Looking across categories of card spending, we find that the level of spending in restaurants three weeks ago was the strongest predictor of the rise in new virus cases over the subsequent three weeks,” wrote JPMorgan Chase analyst Jesse Edgerton. Source.

As a payment processing sales professional, the opportunity to help local business owners move to contactless payment solutions has never been more urgent. Their customers are becoming more educated on the risks associated with being inside a business and around other customers.

Contactless payments offer safety for both employees of a business and their customers.

If you haven’t researched and implemented a contactless payment solution in your current offering, I’d highly suggest you do so, it’s here to stay!

Have a great month!

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