Following the outbreak of the coronavirus disease across the world in February and March this year a significant number of people have switched to contactless card payments for necessary purchases, Mastercard report said.
The contactless transactions also grew twice as fast as non-contactless transactions at grocery and drug stores, in the past two months.
Go deeper with GlobalData
The surge in demand for contactless payment option at point-of-sale (POS) terminals is a result of necessary social distancing restrictions imposed by many countries to curb the spread of Covid-19 virus.
Mastercard polled consumers in 19 countries and about 79% of the respondents said they currently use contactless payments for ensuring safety and cleanliness.
The study also found that that globally nearly 46% of respondents have swapped out their top-of-wallet card for one that offers contactless. This figure climbs to 52% among those under 35 years old.
Nearly 82% of the respondents said they view the contactless option as the cleaner way to pay and 10 times faster than other payment methods.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMoreover, approximately 72% of respondents said that they will continue to use contactless payment methods even after the pandemic fades.
Mastercard acceptance solutions EVP and head Blake Rosenthal said: “Social distancing does not just concern people’s interactions with each other; it includes contact with publicly shared devices like point of sale terminals and checkout counters.
“Contactless offer consumers a safer, cleaner way to pay, speed at checkout, and more control over physical proximity at this critical time.”
Mastercard data reveals a 40% surge in contactless payments worldwide, between January and March. Furthermore, 80% of the transactions were under $25.
As part of the company’s global efforts to ensure safe payments, Mastercard has committed to increasing the contactless payment limits in more than 50 countries worldwide.
