• R
  • Sep 22, 2020 | Eyes4Research Posted by Rudly Raphael

Contactless Payments: The Beginning of a Cashless Society

The pandemic has transformed every facet of the consumer experience. From store capacity limits to mandatory mask mandates, retailers continue to adopt safety measures to stay afloat. With this, contactless payment methods have found their way into the mainstream, as 8 in 10 consumers have changed the way they pay to reduce contact due to COVID, according to a recent study conducted by Visa. Contactless methods range from tap-to-pay cards, smartwatch applications, and mobile wallets. As more businesses offer touchless payment options to consumers, cash may become a thing of the past. 

Key Drivers of Contactless Payment

  1. Sanitation

Covid-19 continues to accelerate changes in consumer behavior, as shoppers turn to contactless payment methods to prevent the spread of coronavirus through cash and terminals. According to Mastercard, contactless transactions grew twice as fast in grocery and drugstore transactions between February and March of 2020 compared to non-contactless payments. With this, a growing number of U.S. merchants are adopting no-touch payment technologies to minimize health concerns amongst shoppers. 

2. Speed and Security 

In addition to minimizing contact with payment terminals, tap-to-pay technologies allow for a quick and secure alternative to traditional methods. Instead of inserting or swiping a card, customers simply hover their device or card over the terminal to complete the transaction, eliminating waiting times and the need to type in a PIN. According to American Express, contactless payment methods are 53% faster than traditional credit cards and 63% faster than paying with cash. Touchless transactions are also more secure compared to traditional EMV cards, as touchless transactions do not contain the user’s name, security code, or billing data. 

The Future of Contactless Payment 

Though it may be years before the U.S. fully phases out the use of cash, the global contactless payment market is predicted to grow at a CAGR of 12.8% from 2020-2026, as stated by PR Newswire. To adapt to consumer preferences and create a safe transactional experience, businesses both large and small must integrate contactless payment terminals into their operations. Despite the growing need to adopt these technologies, there are several hurdles to overcome before touch-to-pay becomes ubiquitous including the high cost of integration, consumer fears over security, and transaction limitations. Despite this, the integration of touch-to-pay technologies ceases to slow down, as the future of the brick and mortar experience depends on creating a safe and efficient environment for shoppers. 

Eyes4research provides its clients access to millions of consumers around the globe who are rigorously recruited and profiled to participate in a variety of research, including online surveys, IDI, Focus groups, mobile diaries, communities and more. 

Write your review


We have used eyes4research for a number of internal product and marketing projects. We have found their services to be professional, accommodating and responsive. The quality of their audience is top notch and their data is very reliable.

Steve Anderson

President/Tru RX

The team at Eyes4Research provided us with quick answers to complicated questions. Their personal support allows us to launch surveys at short notice, while the online dashboard makes it easy to analyze responses and visualize the results.

Dominique Jones

UI/UX iRobot

After working with the team from eyes4research, we decided to move all our survey research to online, and now we are able to conduct research fast, less expensive, and with more accurate samples than ever in our business history.

Jim Kitchens

Founder/Kitchens Group

Eyes4Research provided outstanding support managing a large scale survey we conducted in the United Kingdom. The team works with high professional standards, competency and provided timely delivery throughout the project.

Steve Machin

Professor of Economics/LSE

The team at Eyes4Research worked with me not only for getting consensus on the presentation, but also accommodated my inclusion criteria without hesitation. Additionally, I loved the dashboard and the features available for reporting.

Medona Joseph

VP/JP Morgan Chase