The Smart Card Alliance has released two new infographics that document the benefits seen worldwide by issuers and merchants that have deployed contactless payment solutions:
“Contactless payments have become one of the hottest ways to pay globally with adoption in countries such as the U.K., Canada and Australia growing every day. As U.S. merchants and issuers look to move towards faster, more convenient payments, the Smart Card Alliance developed two infographics as merchant and issuer guides to contactless payments in the U.S.
The infographic series is designed to help merchants and issuers understand the value and benefits contactless payments provide, including:
For merchants: improved transaction speeds; consistent consumer experience; additional payment devices; strong security; “cool” factor; reduced cash handling; increased spend per transaction; point of entry throughput; use of current infrastructure; new cardholder verification methods; better consumer experience
For issuers: improved portfolio utilization; straightforward dual-interface deployment; global interoperability; enhanced security; complementary strategy to mobile payments; new opportunities; top-of-wallet status; improved dual-interface cards economics; faster transactions”
Both infographics are located here. Mercator believes that there is a large opportunity to capture greater spend by those issuers that offer customers a card that can be used at all the retailers that accept NFC.
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group