Now is the time for bank and credit union marketers to actively invest in educating their contactless cardholders, benefit from the new contactless card infrastructure and compete with the big banks and other progressive competitors.
The news that commuters using New York City Metropolitan Transportation Authority (MTA) subways and buses will soon be able to “tap a contactless bank card or their mobile wallet at turnstiles” inspired CNBC to declare that "a world without cash is coming soon."
We’re seeing financial services brands leverage major sponsorships in pursuit of specific business objectives. For example, Visa, Amex and Mastercard recently activated their sponsorships of premium events to increase trial and use of contactless payments.
Contactless payments have been something of a white whale for close to 20 years now: always out there, just about to catch-on, if only… But now, the majority of all in-person transactions in the U.S. take place on contactless-enabled terminals, customers are ready for a faster checkout *and* the nation’s largest issuer of credit cards recently announced plans to roll out 100 million contactless cards in 2019.