A Journey into the Contactless World!
Before the untimely visit of Covid-19, many parts of the world had already begun transitioning a number of financial products and services online vastly minimizing the need for in-person contact, and at the same time, offering a renewed customer experience. A February 2020 report from Juniper Research, forecasted global contactless transaction values, would triple from $2 trillion in 2020 to $6 trillion by 2024.
In the United States alone, transaction values would grow from $178 billion in 2020 to $1.5 trillion in 2024. Current research is also showing consumers are becoming increasingly concerned with traditional methods of in-person financial transactions including cash and/or swiping their cards at point-of-sale. In fact, customers are seeking out contactless wallets as safer options; in the US, the pandemic has influenced volume growth, at essential businesses like pharmacies, supermarkets and convenience stores.
According to John Patton, CO-OP Senior Payments Adviser “I think almost all point-of-sale terminals would have wave/tap functionality due to concerns around infection, and at some point, I expect payment networks to apply a discount on contactless and digital payment transactions as they have, over the last three years to get merchants to install Europay, MasterCard and Visa credit card terminals.”
Young Entrepreneurs Lap Up the Benefits!
Because of contactless popularity, young entrepreneurs across the globe have already sprung onto the virtual train to ensure that their customers are afforded a unique and safe experience; the entrepreneurial community have been boasting of increased productivity, added protection and greater loyalty when operating in a contactless space.