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There’s also room for growth in mobile payments, and contactless card adoption will likely encourage more frequent use of mobile wallets. Another tailwind for contactless payments comes as people realize that “contactless cards and mobile payments are the ‘healthy way to pay’ during these pandemics,” said Young.
In an interview with Karen Webster, Chuck Fagan, president and CEO of PSCU , a creditunionserviceorganization (CUSO), said that the impact to consumer spending will be prolonged, but the recovery will be swift and sharp — depending on where you look. Overall credit card spend was down 29.9 The Shift In Payments.
It will likely alter global markets and regulations as the financial ecosystem becomes more digitized. Fifty-seven percent of survey respondents in PYMNTS’ How We Shop Report stated that merchants’ digitalpayment options impact their willingness to shop, and 26 percent insisted that merchants accept contactless card payments.
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