According to Global Market Insights, it was discovered that the global smart card market is anticipated to hit $65 billion by 2025. The smart card, also known as the contactless card, is unequivocally the most accepted form of payment. The outbreak of the pandemic earlier this year has also driven many customers around the world to adopt contactless methods of...
When the coronavirus pandemic hit the U.S. in early spring of 2020, Reuters reported that by restricting Americans with social distancing and other activities, the economy was well on track for “its biggest contraction in the second quarter since the Great Depression.” Add to that a historic loss of American jobs that totaled 20.5 million in April, as well as...
The future of payments is facing monumental changes due to the COVID-19 outbreak. Where in the past, businesses were more cautious about implementing contactless features to receive payment from customers, now many are realizing that not adopting contactless could mean the end of their existence. Days of simply swiping credit cards could become a thing of the past as new...
According to an international study conducted by Mastercard in 15 countries, new payment habits by consumers are rapidly developing due to the COVID-19 restrictions. More and more consumers are abandoning the use of cash and instead are embracing “contact-free” and “digital payment experiences”. Two Prominent Trends Found Moving Away From Cash In The Store: Almost 7 out of 10 consumers...
Mastercard held a consumer poll where consumer behaviors in 19 countries around the world were studied and found the adoption of contactless payments surging. During the months of February and March, prohibitions were enforced worldwide such as social distancing. This ushered in a significant shift that a considerable number of consumers used contactless card payments in order to make their...
Canadian merchant accounts benefit as the “tap limit” increase makes more transactions “touch free”. Canada is renowned as being one of the most “cashless societies” in the world today. According to a 2017 study conducted by Forexbonuses.org., Canada was cited as the number one most cashless country with every person living there owning more than 2 credit cards. It was...
High risk merchant accounts should consider contactless payments during health crisis. Visa, Inc. has witnessed a dramatic degeneration in sales for the second half of March, whereas the months of January and February experienced strong growth. With the Covid-19 health crisis taking its toll on countless business sectors, Visa has not been immune to the new changes in consumer spending....
Contactless payments caps are increased as retailers enforce less cash usage to fight COVID-19. On April 1st, 2020, the British Retail Consortium (BRC) announced that the “contactless limit” amount would be increased to £45 or ($53). Originally £30 ($35), this change will enable customers to tap their card on a payment device for all expenditures up to £45. All without...
Canada is going contactless faster than everyone anticipated. Surprisingly, it now outshines the US in adoption rates. Nevertheless, Canadian consumers are still worried about the use of mobile gadgets. According to a recent report, titled 2019 Canadian Payment Methods and Trends, contactless payments in Canada surged 30% YOY in 2018. Payments Canada is the body that oversees Canada’s automated clearing...
Despite popular belief, the use of contactless cards will not trigger widespread adoption of mobile payments, according to new research. Instead of easing consumers into the habit of paying for things with their mobile devices, the New York-based research firm, Auriemma Consulting Group, reported that contactless cards may not actually attract new mobile payment users. They believe this may be...
