QR codes, with its distinct black and white square design, is a kind of matrix barcode that was created in 1994 for use in the Japanese automotive industry. The term QR stands for Quick Response Code. This is the brand name for the well-known 2D barcode that is readable by most smartphones. With the rising permeation of internet and smartphone...
Throughout the Covid-19 pandemic, a surge in demand for contactless payments has emerged as more consumers feel more confident in pursuing this way of purchasing over any other method. In fact, according to Visa UK, two-thirds or 65% of consumers worldwide would rather use contactless payments more than they currently are. Throughout Europe, more than 80% of all Visa payments...
The pandemic has altered the shopping experiences of customers throughout the world. Where baby boomers were previously less engaged in digital purchases, the onslaught of the pandemic has driven more boomers than ever to adopt digital technology. With their increased susceptibility to contracting the virus, many baby boomers turned to do more business online to avoid personal contact and ensure...
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....
