give more consumers access to the technology, potentially allowing it to become a popular transit payment option throughout New York City before long.
Consumers in New York City may begin to make contactless payments throughout their lives since contactless transit payments can drive broad adoption of the payment method. Time is at a premium when consumers are traveling, making contactless transit payments particularly attractive since they remove steps from the payment process.
Once consumers begin using contactless transactions for transit payments, they may start using them for other transactions as well if they want the same fast payment process, potentially setting contactless payments up to gain widespread popularity in New York City, like they've The potential for New York City's fast adoption of contactless payments could benefit Bank of America more than other issuers because of its differing strategy.
By having more contactless cards in New York as OMNY becomes more popular, Bank of America can potentially measure usage and examine trends in the early days of US contactless adoption, which could set it up to succeed as the payment method gains wider acceptance in the US.Payments & Commerce Pro , Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >>