Why US banks are missing the contactless wave

In recent years,”riding the contactless wave” has been a defining slogan for payment modernization, especially in markets like the U.K., Australia and Canada. The convenience of being able to tap a debit or credit card instead of inserting it is thought to make payments faster and easier. In the U.K. alone, over 107 million contactless cards were in use as of March of this year. Australians are so enthusiastic about Visa payWave and Mastercard PayPass that many don’t care about mobile payments, and Canadians’ use of contactless cards doubled between 2014 and 2015.

The U.S. by contrast, has been slow on the uptake of contactless. Contact cards — whether chip or old-fashioned magnetic swipe — still rule the roost. Bankers and analysts say this is due to the sheer volume of card issuers in the U.S. compared to other countries, and lessons learned from pilot projects that just didn’t work.

Read the full story on tearsheet.co

Photo credit: Pixabay / YanForensec

https://staging.digiday.com/?p=238969

More in Marketing

What TikTok’s e-commerce launch could mean for marketers and content creators

TikTok has officially launched its new e-commerce platform, TikTok Shop, earlier this month on August 1. Using the new e-commerce platform, brands and creators can sell products directly on the platform, potentially creating new revenue streams, and tap into the short-form video platform’s growing popularity.

‘The influencer industry can be really vile’: Confessions of an influencer marketer on the industry’s unfair hiring practices

While the influencer industry might sound exciting and like it’s full of opportunities, one marketer can vouch for the horrific scenarios that still take place behind the scenes.

Digiday+ Research: Marketers said revenue grew in the last year, with more growth expected ahead

After a tumultuous 12 months, marketers are getting a clear picture of how they really did during a time of true uncertainty. And, as it turns out, it wasn’t all that bad.