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.

The Future of Payment Safety: Biometric Payment Cards

The Future of Payment Safety: Biometric cards January 26, 2022 As a result of the COVID-19 pandemic, contactless payment methods such as digital wallets have …

Read More →

ACI Case Study: Alto Global and its cross-border delivery

ACI Case Study: Alto Global and its cross-border delivery January 19, 2022 This week we are taking a look at a case study conducted by …

Read More →

Payment Predictions for 2022: Part 3

Payment Predictions for 2022: Part 3 January 11, 2022 While the world may be opening up a little bit more after the pandemic, businesses have …

Read More →
Scroll to Top