Barclaycard marks the 10th anniversary of introducing contactless payments to the UK — Barclaycard — “Ten years on, over £60bn (US$77.67bn) has been spent using contactless and more than half of eligible transactions up to the £30 (US$38.83) limit are now made using the technology… Nine in 10 eligible transactions in fast food outlets (91%) and pubs and bars (89%) are now made using contactless.”
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The US remains a decade behind the rest of the world. While perhaps half of the merchants in my market are equipped for contactless payments and growing visibly, few issuers are issuing contactless cards, We have just barely introduced chip cards, slow, without PINs, and with the notoriously vulnerable magnetic stripe.
While we have proxies to resist “card not present” fraud, few merchants have adopted them, and of those mostly only PayPal; most continue to accept credit cards. We remain the fraud capital of the world while brands and issuers continue to blame merchants.
The one place we may be keeping up is in mobile payments. Android, Apple, and Samsung Pay are being adopted about as fast as the mobile devices that support them. One hopes that we will simply bypass contactless cards in favor of mobile and get rid of the magnetic stripe in the process.