Report: Coronavirus leads to more use of contactless credit cards and mobile payments despite cost, security concerns

Growing in popularity, no-touch payment methods heat-up security and cost concerns for consumers and business owners.

– Glenn Baruck, eDot

NRF survey finds that 67 percent of retailers now accept some form of no-touch payment

It looks like retailers are catching on as more of them move towards upgrading their payment systems to accept no-touch payments. With consumers worried about touching surfaces during the coronavirus pandemic, the use of mobile payments and contactless credit or debit cards has significantly increased in the past few months, according to new research by the National Retail Federation and Forrester.

However, are no-touch payment solutions secure and are banks and credit card processors being fair in the rates they charge for processing no-touch payments for businesses? These are significant issues considering it likely that the no-touch payment trend will continue even after retailers and shoppers return to many of their pre-pandemic shopping habits.

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