Today’s Cardholders Lead Hectic Lives
Noah’s day on-the-go is becoming routine for many cardholders. The convergence of changing consumer expectations, a growing digital economy and new point of sale contactless technology means a truly frictionless payment ecosystem may finally be in our sights.
According to Visa, more than 40 percent of in-store Visa transactions outside of the U.S. occur with a tap. Although contactless hasn’t yet taken hold in the U.S., most merchants are ready. Sixty-four percent of U.S. grocers, 81 percent of quick-serve restaurants and 92 percent of drug stores and pharmacies already accept tap to pay at checkout. It now falls on issuers to offer contactless functionality on payment cards, along with wearables, mobile devices and other payment objects to take advantage of this growing network.
Globally, the wearable technology market is also expanding fast. According to IDC, global wearable device shipments grew 85.2 percent in the second quarter of 2019, totaling 67.7 million units. As fitness trackers and smartwatches become more common, consumers will grow more comfortable with using them for a variety of applications, including payments. Already, 24 percent of Europeans expect to start making payments with wearable devices in the future.
Meet Cardholders Where They Are
Today’s consumers are living busier lives than ever. At the gym, on the commute and back home again, cardholders value convenience, speed and security above all other factors.
CPI Card Group offers financial institutions a range of contact and contactless solutions to support their customers’ “on the go” lifestyle. From dual interface payment cards to instant issuance, CPI is here to empower your payment program every step of the way. If you are ready to meet your cardholders where they are today, contact us, or visit: https://www.cpicardgroup.com.
Written by: Jack Jania, VP of Product Management and Innovation for Secure Cards at CPI Card Group.