Contactless (dual-interface) acceptance has passed a tipping point in the U.S. as more than half of all card-present transactions now take place at contactless-enabled locations, with the majority occurring in everyday spend categories.
ICBA Bancard has compiled the below resources to educate your bank and market this product to your cardholders.
Now is the time to contact your processor about contactless payment and learn how to get started and plan ahead. For additional turnkey resources, visit Visa and MasterCard.
Contactless transactions are growing now more than ever, and consumer demand is increasing. See recommendations to encourage contactless payments and create a clean payment experience.
Contactless is a faster, easier and more secure way to pay. Visa has published a recent white paper about the global status of contactless, case studies and the benefits it brings.
For community banks who are considering offering contactless payments in the near future, we answer some general questions. Reference: US Payments Forum.
A. Issuers should first determine when their existing EMV stock is set to expire (all your cards issued on the current chip will continue to function until the expiration date on the plastic).
You should next work with your processor to find a solution and identify any best practices that will minimize time, cost, and complexity to ensure a smooth process and minimize any inventory management challenges during the transition.
And, although the cost of contactless cards is dropping, realistic spend lift is required to offset investment so issuers may consider creating a reissue strategy that factors in cardholder spend.