The growth of contactless technology—including contactless cards, mobile wallets and wearables—will further allow cardholders to pay quickly, seamlessly and securely, whatever form factor they may choose. It can benefit community issuers by: offering a seamless consumer experience; providing a way to be innovative and competitive; and creating opportunities to displace cash. Preference for contactless payments is illustrated by the significant contactless penetration around the world. To highlight a few mature contactless markets: 92% of Australia’s face-to-face (F2F) transactions are contactless, 74% in Poland, 50% in the UK, and 48% in Canada.1
In the US, consumers have vocalized they expect an improved payment experience at POS relative to today’s EMV experience. By migrating your portfolios to support all contactless payment types, this introduces a more seamless, frictionless experience for them.