Last updated on November 3rd, 2020
The coronavirus pandemic continues to reshape everyday life. Contactless payments are the latest solution to global concerns about spreading coronavirus. A new study by global payment leader Mastercard shows a massive rise in the use of contactless payments. And this trend looks set to continue through COVID-19 and beyond.
Big Rise in Contactless Payment Use for April
In a poll of 17,000 consumers in 19 countries, over 78% of respondents say they now use contactless payments for point-of-sale purchases. The main reasons for paying contactless were cleanliness, as well as health and safety considerations.
The Mastercard study also reveals that most younger respondents are prioritizing contactless payments over their preferred card. 52% of respondents under 35 have substituted their preferred credit card for a contactless option in the last month. This is a slight increase over other respondents, at 46%.
More and more issuers are getting into the contactless payment game thanks to the coronavirus pandemic, including Upgrade, with its innovative Upgrade Card, just last month.
Related Article: Upgrade Card Introduces Contactless Payments Amid Coronavirus
A Swipe-Free Future?
While the global pandemic of COVID-19 will one day subside, the future looks bright for the contactless payment industry. According to the same Mastercard study, 74% of all consumers questioned claim they will continue to use the payment method. And given the ease of contactless payments, including the integration into mobile phones, it’s easy to see why so many are turning to the system as opposed to old-fashioned swiping or even dipping.
“Social Distancing”
“Social distancing does not just concern people’s interactions with each other – it includes contact with publicly shared devices like point-of-sale terminals and checkout counters,” says Blake Rosenthal, Mastercard’s EVP and head of Mastercard Acceptance Solutions. “Contactless offers consumers a safer, cleaner way to pay, speed at checkout, and more control over physical proximity at this critical time.”
Related Article: Coronavirus Credit Advice: Tips for Using Credit Cards During Coronavirus
