Latest Article Examines How Banks Can Prepare Now for Contactless Payments

Contactless payments—which allow consumers to make payments by tapping a contactless-enabled card or device against a point-of-sale terminal—are the norm in many countries around the globe in recent years, but have been slower to take off in the U.S. But as consumers increasingly seek faster and more seamless ways to pay—and given the fact that most merchants now have POS terminals already equipped with technology to enable contactless transactions—this payment type is expected to reach ubiquity in the near future.
Knowing that, it’s important for banks to strategize now for getting contactless-enabled cards into their customers’ hands or risk falling behind the times.

“This is not a speculative endeavor,” said Doug Leighton, head of community accounts at Visa. “The infrastructure for acceptance is there. It’s up to us as issuers to now build this into our issuance plan so our customers can take advantage of it.”

Read the article.