Contactless payments set to increase during Covid-19 crisis

CONTACTLESS payments are set to increase and becoming a more preferred payment method in countries where these methods were not very popular earlier, things have changed amid the spread of COVID-19. Contactless and digital payment methods require less physical interaction and are more secure.

US buyers reconsidering their payment methods

Americans have begun to reconsider the cash they handle every day. Among those other measures they’re taking to stay safe, people in the US could also finally be ready to embrace digital wallets and contactless payments, after years of reluctance.

Contactless technology allows customers to pay by tapping their cards to a point-of-sale terminal. The cards are a faster alternative to chip-and-PIN payments, and require less physical interaction.“Using a credit card’s contactless capability may help give consumers more peace of mind,” said Jill Gonzalez, an analyst at WalletHub. More consumers may also opt for similar “tap and go” transactions through digital wallets like Apple Pay or Google Pay, to avoid handling cash and credit cards during the outbreak. In addition, these methods are considered much more secure.

Ireland: a new limit

In Ireland, as a study from last year shows, 57% of those surveyed in Ireland revealed that they favoured the use of cash, in the form of notes and coins, over credit/debit cards or digital payment methods. But now, amid the pandemic crisis, cashless payments are getting more popular. According to The Irish Sun, limits have been increased from €30 to €50 during Ireland’s corona virus crisis. Finance Minister Paschal Donohoe announced at a press conference on Wednesday afternoon that people will be able to tap up to €50 instead of €30.

As it was featured in Festipay’s news earlier, WHO pushes for contactless payments instead of cash to slow Covid-19. A spokesperson for the World Health Organization said in early March that contactless cards could ‘reduce the risk of transmission’. Notes change hands thousands of times during circulation and can pick up all manner of germs as they’re passed around.