The U.S. is embracing contactless payments, which will likely accelerate the move away from cash in favor of credit, debit and mobile wallets.
The U.S. is finally embracing contactless payments, which will likely accelerate the move away from cash in favor of credit, debit and mobile wallets. And it's largely thanks to hurried commuters.
"The ability to tap through the turnstile is going to be great," said Chris Reid, an executive vice president of cyber, intelligence and data services at Mastercard."It drives a huge amount of efficiencies for the transit system." In fact, fewer and fewer adults are using printed or minted U.S. currency at all any more. About 3 in 10 Americans said they make no purchases with cash in a typical week, up from a quarter in 2015, according to the Pew Research Center.
Still, contactless cards are considered much more secure. They are embedded with a near-field communication antenna that can be used for proximity payments via radio waves. To make a payment, consumers just tap the card to a point-of-sale terminal.This is similar to chip cards' smart technology, also known as EMV, which can process card transactions with embedded smart chips — except it is much faster.
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