The device lets you spend up to $1,000 at a time.įinally, biometric payments are set to increase from 2021 through 2023.īiometric identification generally makes payment safer, faster, and easier.Īnd as mobile phone usage increases, biometric payments may bypass the need for physical cards altogether.Ī study by Juniper predicts that biometric systems will authenticate roughly $2 trillion in payments by the end of 2023. The device is connected to an app that lets you manage your finances.īut once it comes time to purchase, all you have to do is place your wrist in front of an NFC scanner. The company offers a $25 rubber armband that has one job: payment. In addition, payments through wearables like an Apple Watch or Fitbit are also becoming more common.Īpple’s CEO Tim Cook even said in an earnings calls in October that he thinks wearables are the next contactless payment frontier.Ī potential rival to Apple is Purewrist. Taking this one step further, companies like Amazon are now allowing for voice payments through their in-home assistants. More than 95% of all merchants are now able to accept contactless payments in the US.Īnd major banks like Chase, Wells Fargo, and Bank of America have been issuing credit cards that allow for contactless payment since the end of 2019. In a study conducted by Mastercard, the credit card giant found that 79% of its global respondents used contactless payments in 2020.Ī recent survey discovered that nearly 8 out of 10 cardholders use contactless payment options.Īnd this isn’t just a passing fad: 74% of those same respondents said they plan on continuing to use contactless payment methods after the COVID-19 pandemic.Įven in the US, the infrastructure is already in place. While about 70% of merchants had the ability to accept contactless payments in the US by 2018, only 0.18% of all point-of-sale transactions were contactless payments.Ģ021, however, pushed contactless payments into the mainstream.
And 75% of Canadian retailers had the ability to handle contactless payments. In Canada, over 95% of all credit cards enabled contactless payments by 2016. This trend had even taken hold in the US’s neighbor to the north. In China, by 2018 83% of all payments were made via mobile apps.Īnd in Australia, more than three-quarters of all in-person Visa transactions were made via tap-and-go or contactless methods. Outside of the US, the concept had already gained traction. Searches for “ contactless payment” have increased by 187% over the last decade. Contactless Payments Go Mainstreamįor years, many people were saying that contactless payments were the future.
If you want to learn more about the biggest trends in the credit card industry, read on. (And that more and more consumers want to pay with credit cards.) Industry data shows that 80% of consumers prefer credit or debit card payments over cash. As we shift to a more digital world, the credit card industry is playing a larger role every day.
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