Social distancing is the new trend that is being followed across the world in the light of the ongoing pandemic. Following the norms of unlock procedures, the need for people to “contact less” has percolated to almost every aspect of the society.
More netizens and denizens have gradually shifted their interest towards online interactions and transactions, in order to maintain distance. It is no surprise that these factors have pushed the scope for contactless payments, shaping the dynamics of this market in the rapidly evolving global ecosphere.
The United Kingdom has a been among the markets where this trend is most notable. The country recorded more than 519 million contactless card transactions in June, a roughly 17.8% increase from May. Also, in a recent Visa survey more than 50% of United Kingdom commuters cited that the advent of contactless payments stands as one of the most revolutionary improvements enhancing their overall public transport experience.
Beyond the U.K., various other economies have also been deploying such technologies to offer consumers a seamless payment experience. Contactless payments in the United States have grown 150% since March 2019, way before social distancing and vigorous hand washing became the norm.
It is almost impossible for various small- and medium-scale industries to ignore the trend. In fact, various card companies are now offering diverse card options equipped with fully visible GPRS signals to receive payments across almost every corner of the country. This initiative is expected to make it easy for businesses to provide contactless payment methods to their consumers.
Even after COVID-19 pandemic outbreak and stringent lockdown norms, the future of transactions and contactless payment options is expected to evolve at a prodigious pace. Consumers will still prefer minimizing physical contact, while relying on digital payments and looking forward to adopting smarter methods that are secure, convenient and less time-consuming.
Global Market Insights
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