EMV-Ready Retailers Perfectly Positioned for Accelerated Payment Trends

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EMV-Ready Retailers Perfectly Positioned for Accelerated Payment Trends

  • Nearly eight-out-of-10 consumers use contactless payment
  • Contactless usage accelerated five years
  • The majority of EMV-ready Retailers are already armed with contactless

The COVID-19 pandemic is putting certain tech trends on the fast-track – especially in the way we pay for things. New surveys show a swell of activity around contactless payment in retail stores since the outbreak started.

Before the virus, contactless payment usage by consumers was expected to hit 75% by the year 2025.

Now, just a few months later, 79% of consumers say they use contactless payments, according to a global study by Mastercard. 82% considered contactless to be cleaner than using card readers or cash.

A separate study by American Express shows, 58% of consumers who have used contactless payments in the past are likely to use them now more than ever.

Via CNBC:

“This survey tells us that U.S. consumers view contactless as faster, safer and more convenient than other forms of payments, which is becoming especially important as people are avoiding contact and are considering how to resume in-store purchasing,” J.J. Kieley, VP of Payments Consulting Group at American Express, says.

Consumers are also 15% less likely to insert or swipe a card compared to before the outbreak, according to the American Express study.

It's great news for gas stations that have completed their EMV upgrades or those that are in the process. For businesses that haven’t started, it’s just another example of how technology can and will leave a retailer behind and disadvantaged in the marketplace.

Aside from cleanliness, contactless is also 10 times faster than other in-person payment options. Contactless payment provides the same advanced security that is found in other payment methods. Contactless payment options are usually part of the outdoor EMV upgrade, so most EMV protected businesses are ready for the contactless trend now and into the future.

For more on what the future landscape could look like for gas stations and c-stores – click here.

If you haven’t started the EMV upgrade process, contact your local Gilbarco representative as soon as possible.