There are two factors that impact payment technology adoption: Whether users can use it and whether merchants can accept it. Tap to phone payments make both easier.
Why the Stage is Set for Tap to Phone
Consumers have embraced contactless EMV payments. Visa found in a 2020 survey found contactless transactions increased by 150 percent over the previous year.
Americans often consider themselves trendsetters, but it doesn’t quite ring true when it comes to mobile wallet payments. In fact, China takes the top spot, with roughly 40 percent of its population of 1.4-billion using mobile wallets as a way of paying, compared to about 26 percent in the U.S, which also trails Vietnam, South Korea, the U.K. and India.
For the last two years, the retail industry has been in flux. Supply chain issues, labor shortages, surging inflation, and the war in Ukraine continue to disrupt the marketplace. Yet, at the same time, consumers’ expectations are growing, and the path to purchase is expected to be as convenient and personal as possible. So, what is a retailer supposed to do?
