This year has involved many, many changes. From where we work, to how our children go to school, how we shop for food and where we purchase the products and services we need. Many have already grown used to some of these changes, while others are still trying to accept what is being called the “new normal”.
According to a new survey, some of these changes may indeed be here to stay. A new American Express Co. survey, for example, discovered that consumer demand is so strong that 81% of merchants surveyed say they plan to keep contactless payments as a permanent option at the point of sale. In fact, nearly 70% of merchants say their customers have specifically asked for contactless payments.
In a statement to Digital Transactions News, J.J. Kieley, vice president of the AmEx Payments Consulting Group, said that most merchants (73%) prefer their customers pay with a card or mobile app instead of having to handle cash.
In truth, implementing contactless payments was already in motion. Prior to the pandemic, this method was part of the normal terminal replacement process. While the point-of-sale terminal was contactless-enabled, in many cases, the necessary technology was simply not activated. In fact, before this year, many merchants were completely unaware that they had the ability to accept contactless payments.
The pandemic has now created a need for this method of payment, and has been the driving force behind the big push merchants are seeing. “The sense of urgency has really picked up with COVID,” Kieley confirms. The AmEx survey found that 52% of merchants accepted contactless payments prior to COVID, and 32% recently adopted or plan to adopt the technology because of the disease’s impact.
Merchants Embrace Contactless Payments
As merchants begin to view contactless payments as the right move to protect their customers and staff, many are activating the tap-and-pay technology. Thus far, 80% of merchants say contactless helps them keep checkout areas cleaner and safer for all.
The big question industry experts want answered now is whether this latest customer behavior will stick. For years, card networks have pushed contactless payments, pointing to the method’s functionality. The belief so far is that this payment processing option is indeed here to stay.
“I don’t see why it wouldn’t stick,” Kieley says. “All of us have changed how we live in this environment.” As consumers try contactless payments, they’ll quickly experience the benefits and wish for it to stay. “There are benefits beyond the payment,” he adds.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of instant approval merchant account no credit check. 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.
