The Shift to Contactless Technology Post Pandemic

June 23, 2021

Greater than 93% of consumers are considering the transition into contactless, QR code, biometric payments, and cryptocurrency transactions within the next year, according to a recent survey.

Mastercard’s New Payment Index highlights contactless technology as “the digital catalyst” for exploring payment varieties during the onset of the pandemic. It further revealed over 100 markets in-person contactless transaction share grew by at least 50 percent.

What Consumers will likely consider using in the next year

Credit card giant Mastercard report 1bn in additional contactless payments in Q1 2021 compared to the same period in 2020.

“All signs point to a continued growth path for contactless, with nearly seven in 10 consumers anticipating using a contactless card this year,” Mastercard says.

“Looking to the future, digital currencies, biometrics, contactless and QR codes are trending as emerging payments technologies as people’s comfort with them and understanding of them increases and the use of cash decreases.”

The survey was conducted with 15, 500 consumers across 18 countries, revealing:

Mastercard adds that greater consumer interests means that businesses need to adapt to long term payment solutions.

“Nearly 8 in 10 respondents (79%) agree that they prefer to shop at stores that have both an in-person and online presence, and 68% noted being more excited to shop at retailers that can offer the latest payment methods.”

Check out our blog next time for the latest in financial news and insights. Visit altoglobalprocessing.com for your payment processing needs and visit our LinkedIn page to share your thoughts on our blog topics.

Options for Online Casino Buy-In

Options for Online Casino Buy-InJuly 22, 2021Online casinos have been a staple since the early 1990’s, staying true to the mantra: “if you build it, …

Read More →

Modern Contactless Payments On The Rise

Modern Contactless Payments On The Rise July 13, 2021 The modern era of digital transactions has and continues to make significant changes. Roughly 80 percent …

Read More →

Visa Spending Momentum Index: A Positive Note on Consumer Spending Growth Post-Pandemic

Visa Spending Momentum Index: A Positive Note on Consumer Spending Growth Post-Pandemic June 30, 2021 In May, Visa Inc. introduced its Visa Spending Momentum Index …

Read More →
Scroll to Top