Fear arising from Covid-19 outbreak pushes for more contactless payments

MasterCard | Payments Photo by Bryan Derballa

By Poovenraj Kanagaraj

According to Mastercard’s global consumer survey, nearly eight in 10 say they use contactless payments. The number of consumers turning to contactless card payments for necessary purchases also saw a significant increase in February and March, due to the Covid-19 outbreak.

79 percent of people worldwide and 91 percent in Asia Pacific say they are now using tap-and-go payments, Mastercard says.

The survey by the financial service provider has shown that the perceptions of safety and convenience have spurred a preference for contactless cards and reminded consumers of the ease of tapping.

46 percent of respondents have swapped their top-of-wallet card for one that offers the contactless service. 51 percent in Asia Pacific have made the swap.

The outbreak has also contributed to the increase in concerns about cash usage and has led to positive perceptions about contactless due to the safety and peace of mind it provides.

82 percent globally view contactless as the cleaner way to pay while 80 percent of respondents from Asia Pacific share a similar sentiment.

“We are in a sustained period where consumers are making purchases in a very focused way. That’s reinforcing contactless use in markets where adoption is more mature and it’s stimulating use in newer markets,” said Sandeep Malhotra, executive vice president, products and innovation, Asia Pacific, Mastercard.

According to the survey, 74 percent globally and 75 percent in the Asia Pacific region believe they will continue to use contactless even after the pandemic subsides.

Malhotra further points out that the three in four people intend to keep using tap-and-go after the pandemic. This he believes is a strong sign that consumers see the long-term benefits of having a safer, cleaner way to pay as well as being more socially responsible.

In recent times, Mastercard has committed to increasing contactless payment limits in more than 50 countries worldwide. The effort on behalf of the financial service provider comes in order to make sure consumers, merchants and small businesses have the resources to maintain operations during the ongoing crisis.

The survey was derived from online interviews with 17,000 consumers in 19 countries worldwide.

 

 

 

LEAVE A REPLY

Please enter your comment!
Please enter your name here