Interest in Contactless Credit Cards Rises

More than 100 million Americans would use contactless cards to pay for inexpensive, everyday items such as fast food, convenience store items and transit fares, according to a survey released by Ipsos Insight and Peppercoin. A large number of consumers would also use contactless cards to pay for parking, video games and vending items, the survey found. This finding may offer new installation opportunities for electrical contractors.

“The research shows that consumers are open to embracing the convenience of contactless cards and many of them are willing to use them to buy everyday items,” said Matt Kleinschmit, vice president, Ipsos Insight.

“This is particularly true for younger Americans, reinforcing the long-term growth potential of contactless card technology and the payment card industry.”

The study also found that high-income consumers were more likely to use such technology. Consumers in households with incomes greater than $50,000 indicated they were more likely to use contactless cards than those with income less than $50,000.

Security and ease of use were the top concerns among respondents. Depending on the specific market, between 13 and 22 percent of respondents indicated security concerns would keep them from using contactless cards. The data indicates a need for companies leading contactless rollouts to educate consumers about the cards’ safety and how easy they are to use.

“Contactless payments represent a significant opportunity for the payments ecosystem. Consumers benefit from the increased convenience while merchants gain speed at the point of sale,” said Mark Friedman, president and CEO of Peppercoin.




Stay Informed Join our Newsletter

Having trouble finding time to sit down with the latest issue of
ELECTRICAL CONTRACTOR? Don't worry, we'll come to you.