Virus encourages use of contactless payment methods

Aug 13, 2020
Written by wpengine

Consumer concerns about transmitting the coronavirus by contact with paper money and checks have made contactless payment methods more popular during the pandemic.

Retailers are putting health and safety first and have rolled out a variety of no-touch payment options to err on the side of caution.

Some new payment methods involve waving payment cards past a reader or tapping on it or making digital payments using a smartphone. Many retailers also allow customers to pay online or over the phone before taking delivery or picking up the merchandise in the store later.

An NRF article notes the need to pay close attention to the security of such payments and the fees that banks charge for the right to offer such payment methods. Retailers are concerned that as rights fees rise, so can prices to consumers that can discourage purchases.

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