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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, … Read the rest

work_outlinePosted in Managementlabel_outlineTagged cheapest merchant account U.K

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