Why the Us is behind the contactless payment trend
Why is the United States so behind on the transition to going contactless and cashless?
Tap and go. That’s the new norm for more and more consumers across the globe. But for some reason, here in the US we not embracing this forward-thinking change.
According to Forbes, only 3% of cards in the US are contactless enabled versus 64% in the UK and a whopping 96% in South Korea.
The trend leading towards a contactless and cashless future in the US seems to be stagnant, and that’s mostly due to the complications it presents for certain demographics.
Hospitality workers, laborer’s and communities affected by poor internet connectivity continue to have a strong reliance on cash and coins. Older consumers and lower income groups are also rejecting the idea of a totally cashless existence.
For younger generations, paying for a round of drinks with your smartphone no longer feels strange and the rise of wearable tech such as Apple watches is sure to continue.
The movements embraced by some, could have some unintended issues for those who use cash religiously. However, many states have now passed legislation to help cash paying customers including Connecticut, Massachusetts and New Jersey. Despite all this – cash is no longer king in the rest of the world, and we will surely be making this transition in the near-distant future.
Our business is built on cashless operations. But, perhaps we can also take a moment to be thankful that the world didn’t move in this direction before the Home Alone movie script was written. So we can continue to enjoy Macauley Culkin mime that immortal line: Keep the change ya filthy animal…
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