Mastercard data reveals over 40% growth in contactless transactions globally in the first quarter of 2020.
What this means: Consumers have turned to contactless card payments as a result of social distancing restrictions and because they are safe and clean.
Key numbers from the Mastercard global consumer study:
- 79% say they’re now using some form of contactless payment.
- 46% have swapped their top-of-wallet card for one that offers contactless payments.
- 82% view contactless as a cleaner way to pay.
- 74% say they will continue to use contactless post-pandemic.
As the global pandemic continues to impact consumer behaviors, Mastercard is helping fintech companies provide consumers with new safe and clean payment options.
- One example: Samsung Money by SoFi is a digital-first money management experience providing users with a cash management account and a Mastercard-branded debit card.
The idea: Customers are able to easily apply for the card and start using it directly from the Samsung Pay app without even needing the physical card – providing consumers the option for a fully digital experience.
- Another example: Branch, a challenger bank that partners with employers, provides a mobile-first technology that helps hourly workers get ahead financially. The company’s Mastercard debit card offers cardholders instant access to their wages, tips, and reimbursements by directly adding it to digital wallets from the Branch mobile app.
The background: The mobile digital wallet works as an on-demand hub helping working Americans meet their everyday financial needs. The app allows employees to receive money, manage their cash flow and spend anywhere – all from their smartphone.
- One more example: MoneyLion continues to build on its partnership with Mastercard to develop more contactless and secure payment options.
More info: The partnership between MoneyLion and Mastercard seeks to innovate on products and solutions that help meet clients’ needs – resulting in amazing product development, better products and services that help better serve consumers.
“Contactless payments offer consumers safety, security, and efficiency at the point of sale,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard. “We’re committed to be working with our partners to provide solutions that help make the digital economy work for everyone, everywhere.”