Mastercard study shows consumers moving to contactless payments

15:53 | 06/05/2020 Companies

(VEN) - During February and March, as many countries imposed or strengthened social distancing measures due to Covid-19, a significant majority of consumers turned to contactless card payments for necessary purchases. Citing safety and cleanliness, 79 percent of people worldwide and 91 percent in Asia Pacific say they are now using tap-and-go payments.

Consumer polling by Mastercard, studying changing consumer behaviors in 19 countries around the world, paints a picture of accelerated and sustained contactless adoption.

The new Mastercard survey shows: Globally, 46 percent of respondents have swapped their top-of-wallet card for one that offers contactless. In Asia Pacific, 51 percent of people have made the swap. The majority of respondents (82 percent) globally view contactless as the cleaner way to pay, with 80 percent in Asia Pacific saying the same. Contactless payments are up to 10 times faster than other in-person payment methods, enabling customers to get in and out of stores faster. 74 percent of people globally and 75 percent in Asia Pacific state they will continue to use contactless after the pandemic is over.

“Mastercard’s survey shows a clear shift to contactless - especially in Asia Pacific - as Covid-19 changes the payments landscape and the way people shop now and in the future,” said Sandeep Malhotra, Executive Vice President, Products & Innovation, Asia Pacific, Mastercard. “The fact that 3 in 4 people intend to keep using tap-and-go after the pandemic is a strong sign that consumers see the long-term benefits of having a safer, cleaner way to pay, checking out faster and being more socially responsible.”

Mastercard has been spearheading the worldwide shift to contactless for years, championing the simple, safe and fast way to pay. Now, as consumers increasingly seek ways to get in and out of stores quickly without touching payment terminals, Mastercard data reveals more than 40 percent growth in contactless transactions globally in the first quarter of 2020. More than 80 percent of contactless transactions are under US$25, a range typically dominated by cash.