in certain markets, consumers may be wary of making purchases at these stores, especially if they know they'll need to directly interact with a cashier or point-of-sale terminal. But rising contactless adoption gives more consumers a way to make in-store payments that avoid those issues, potentially leading consumers to return to spending in-store faster, helping card networks' volumes rebound.
The pandemic's influence could lead to a long-term preference for contactless payments in the US, which has been relatively slow to adopt the payment method. Just 51% of US respondents are now using contactless payments, per data from Mastercard sent to Business Insider Intelligence. That's well behind the 79% of global consumers doing so, but may still mean US consumers are more interested in contactless payments than they were .
This could be especially true now that consumers will be exposed to contactless payments' other benefits, like speed, leading to a more permanent behavioral change, Linda Kirkpatrick, President, US Issuers at Mastercard, told Business Insider Intelligence.Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.
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