New Data Reveals Contactless Payments Will Dominate the Future


Saturday, January 23rd, 2021

According to a recent report released by Aite Group LLC., the future of digital payments is in the works right now, thanks to the adoption of contactless payments. New digital transactions like buy online, pick up in store and reduced friction have taken off due to the rapid changes of the pandemic. 

In fact, contactless cards only accounted for 19 percent of cards in force in 2019. Fast forward to the uncertainty of 2020 and the New Year, it is now predicted that 52% of cards will have contactless capability this year. The quick adoption of these new payment types is the result of consumers adapting to current circumstances in order to make basic purchases, such as groceries and other essential household goods.

“Buy online, pick up in-store (BOPIS) has become a pandemic staple, as has delivery to customer cars outside stores—buy online, pick up at curb (BOPAC),” the report notes.

According to Thad Peterson, Aite senior analyst and report author, these changes were bound to happen .“Contactless/touchless payments are accelerating new acceptance capabilities in the U.S., but in many markets around the globe, contactless was already a prevalent, if not dominant payment capability.”

“Touchless commerce will be an increasingly large component of payment acceptance going forward,” he went on to say.

So much so, that organizations are being urged to do much more than accept and adapt to contactless payments. Peterson explains that “Organizations designing ‘future-proof’ payment-acceptance capabilities should assume that digital and contactless payments will be the dominant payment alternatives in 2030.”

Top Trending Digital Payment Methods Today

Mobile point of sales (mPOS) – Every business today should make convenient payment processing a top priority. Compared to the 3.2 million mPOS systems in 2014, it is predicted that there will be 27.7 million mPOS devices by 2021. (Mobile mPOS systems include tablets and smartphones.) The advantage for businesses with this option is that it eliminates a central checkout area, allowing it to accept payments from anywhere in-store and off-site.

Smart speakers – No longer a thought for the future, voice commands are here to stay. Through smart speakers like Amazon Echo, consumers can make an instant payment or purchase without ever having to pause what they’re in the middle of doing. In fact, 35% of users turn to a smart speaker to buy their groceries, clothing and home care in just a few seconds.

Contactless payments – As mentioned above, contactless payments have been a lifesaver this year amid the uncertainty of pandemic conditions. Various mobile payments apps like Venmo and PayPal allow users to easily transfer money, make a purchase and pay their bills. Now, there are even credit cards equipped with RFID technology used for contactless payments.

Social media payment options – Not one to be left behind, social media networks have also expanded their reach to include payment options. People can now transfer money user to user, or consumer to retailer – all within the network.

Where to Find Contactless Payment Processing Solutions

If you’re looking for contactless payments for your customers, take a look at the many reviews and information Best Payment Providers has to offer. Find the top providers in the UK, and choose the one that best fits your business’ unique needs.


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