Skip to content

Marketer Magazine

Honesty is the soul of business

  • CONTACT US
  • DISCLOSURE
  • SITEMAP

Contactless Payments Finally Hit the Road to Exponential Growth

access_timePosted on November 4, 2020 by Vonnie Margareth

After a titanic struggle with slow adoption, especially in the US, Contactless payments have finally hit the road to exponential growth.

An American Express Co. survey shows customer demand is so high that many business owners (81 percent) plan to add it as an alternative payment avenue at the point of sale. Another 70 percent of retailers said their clients have requested to pay contactlessly, according to J.J. Kieley, VP of AmEx Payments Consulting Group. 

AmEx is a popular payment processing solution that serves thousands of merchants.

More findings show many retailers (73 percent) would like shoppers to pay through a card or mobile app rather than cash. That’s compared to contactless adoption rates last year and pre-pandemic in early 2020.

For merchants, it was the usual terminal replacement routine, Kieley explains. Though the point-of-sale terminal was contactless-capable, the near field communication (NFC) technology was inactive in many cases. Admittedly, many merchants AmEx met last year were unaware they could start collecting contactless payments. To bridge the knowledge gap, Kieley’s team would try to expound on the perks of installing NFC technology.

cheapest merchant account U.K

And most recently, the novel Coronavirus and the measures to reduce its spread have played a significant role. 

“COVID-19 has really triggered the need for speed,” Kieley says. 

AmEx’s survey, which interviewed 400 merchants during Week 1 of August, also revealed that 52 percent collected contactless payments even before Corona. Some 32 percent implemented or planned to implement the tech to counter the pandemicś effect.

According to AmEx’s CEO, the merchantś ability shift to contactless payments has never faced many challenges.

Starting 2015, with the US’s shift to EMV, many POS terminals come with NFC capabilities. And now, many retailers plan to activate and enjoy the full potential of this tap-and-pay feature. 

Business owners see paying contactlessly as a way to boost safety and wellness, with 80 percent saying it ensures a cleaner and safer point of sale.

 On whether the trend will persist or not, Kieley is positive customers will soon see the benefits of paying contactlessly and accept it as a staple payment approach.

“Accepting and adapting to change is customer nature. As more users continue testing contactless payments amid a pandemic, many will realize its advantages and eventually adopt it,” he explains.

Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands how to get the cheapest merchant account U.K . He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.

work_outlinePosted in Managementlabel_outlineTagged cheapest merchant account U.K

Post navigation

Function As The First To Learn What The Experts Say About Media Market
Management Fundamentals Explained

Categories

  • Advertising
  • Management
  • Marketing

Recent Posts

  • Should I Invest in Backlinks and Content?
  • Network Marketing Recommendations
  • What Things To Expect From Digital Marketing?
  • The Dirty Truth on Media Market
  • 5 Easy Methods For CRM Revealed
  • 5 Essential Elements For Advertising
  • The Fundamental Facts Of Entrepreneur
  • A Secret Weapon For CRM
  • What Is Therefore Fascinating About Entrepreneur?
  • Entrepreneur Techniques That No-one Else Knows About

Archives

  • April 2022
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020

Tags

advertisement advertising agency anaylsis article cheapest merchant account U.K combat cutthroat detailed digital discovered entrepreneur event expect fundamental guide https://www.webull.com/releases/nasdaq-tsla human ideas information issues management market marketing media network number online options picking proceed recommendations report resource reviews shows solution speaking start strategies supply technique techniques trick works
Proudly powered by WordPress | Theme: dentist-business by Travis Taylor