Contactless Cards Key To Digital Wallet Growth? Maybe Not, Says Study

Contactless

NEW YORK—Many payments experts have been lauding the wave of contactless cards hitting the market this year, saying they will pave the way for greater use of digital wallets, but a new study suggests that may be overreach.

Research released by the Auriemma Consulting Group indicates that contactless may not serve as the training wheels for mobile payments, after all. In fact, new contactless plastic could tempt mobile-phone users away from using their devices for purchases.

“A lot of [consumers] are excited and interested in using contactless cards,” Jaclyn Holmes, director of research at Auriemma Consulting Group, told Digital Transactions. So much so, she added, the ease of tapping and the familiarity of plastic could keep mobile-phone owners from using a mobile wallet.

The firm’s latest Mobile Pay Tracker surveyed just over 2,000 consumers in January and February who were eligible to use Apple Pay, Google Pay, or Samsung Pay.

While these consumers are enthusiastic about the experience of contactless connectivity at the point of sale, it’s unclear whether that sentiment will translate into greater use of mobile wallets, the study found. Some 18% of the surveyed consumers said contactless cards were “better” than mobile wallets, while nearly two-thirds said the two methods were “about the same,” reported Digital Transactions.

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Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/Contactless-Cards-Key-To-Digital-Wallet-Growth-Maybe-Not-Says-Study