Wednesday, January 13th, 2021
A recent report says, while cards may linger for some time to come, digital and contactless payments will dominate this year. It wasn’t that long ago that consumers first began to take advantage of these technologies, with contactless cards only accounting for 19% of cards in force in 2019. Due to the sweeping changes that rocked the country – and across the globe – in 2020, contactless payments became the go-to option. Now, it’s estimated that 52% of cards will have contactless capabilities by 2021.
Contactless payments shaped by changing consumer needs
2020 was the year of adapting, measuring and breaking through barriers. While experts are not predicting that cash will be a thing of the past, they do feel that contactless card payments will very soon be the standard. It will be very similar to how Zoom has rapidly become the norm for the thousands of Americans who have shifted to working from home – with many companies embracing remote work as the new norm and investing even more resources into this arrangement. Likewise, contactless payments will be the de facto standard of the future.
According to the latest Visa data, 31 million Americans utilized Visa contactless card or digital wallet in March 2020, up from 25 million in November. That means, just since March 2019, there has been a 150% increase in overall contactless usage. The driving force behind this change and growth is consumer behavior, which has been shaped and shifted by the uncertainty surrounding the COVID pandemic.
Contactless payments from a merchant perspective
And how do merchants feel about the shift to contactless payments? The majority are already realizing the many benefits of utilizing contactless payments, from a faster checkout process to an improved customer experience, they are both more convenient and more efficient. The key is finding a payment processing provider that can support these payments in a way that compliments the merchant’s industry and safeguards customers’ information.
It is important to make sure that the payment provider you partner with understands the ins and outs of your business type and industry. Do they have experience dealing with the challenges you face? Do they know what your customers expect and need today? Do they offer the latest technology and tools? Do they provide 24/7 support for any questions you may have? Make sure the provider is an industry-leading expert with a team that has years of experience.
At Best Payment Providers, you can easily find the UK’s top payment processing providers, compare their rates and services, and browse their reviews. Quickly find the right payment provider that meets your needs, and has the reputation your business and customers deserve. Simply choose your industry and begin the straightforward process of browsing and comparing top providers.
Considering 58% of consumers are more likely to use this type of payment in the future than in the past, according to a recent American Express survey, now is definitely the time for merchants to consider adding contactless payments to their list of options. Make sure your business is equipped with everything it needs to make 2021 a strong, successful year.