In the midst of the pandemic, Mastercard conducted a study on contactless payments. They found that 46% of respondents had put contactless payment cards at the top of their wallets. Over half of consumers under 35 made this change to their purchasing habits.
In addition, Mastercard discovered that the majority (82%) of participants consider contactless payment to be a safer way to pay. Mastercard also learned that contactless payments could be up to ten times faster than other methods. This speed means that consumers can efficiently enter a store, make their purchases, and get out.
Even as the world begins to stabilize, contactless payments appear to be here to stay. Roughly three-quarters of the participants of the Mastercard study stated that they would continue using contactless payment options after the pandemic.
In the United States, consumers are primarily using their contactless payment methods to purchase essential items such as groceries. CNBC reported that approximately 85% of transactions at grocery stores were conducted using contactless options.
Pharmacies (39% contactless), retailers (38% contactless), and restaurants (36% contactless) all experienced notable increases in contactless payment transactions as well.
The transit industry lagged behind, with only about 9% of transactions being conducted via contactless methods. However, this is likely due to the widespread quarantines and transition to remote work.