Tags: Coronavirus | Financial Markets | Health Topics | Money | germs | tap to pay | transactions

Fear of Germs Boosts Contactless Payments 40 Percent

a man with a world series ring uses a mastercard tap to pay
(Scott Eisen/Getty Images)

By    |   Wednesday, 29 April 2020 05:33 PM

Mastercard saw a 40% hike in the use of contactless payments, including tap-to-pay and mobile pay, as the coronavirus pandemic worsened during first quarter of this year.

Mastercard CEO Ajay Banga attributed the increase to consumers "looking for a quick way to get in and out of stores without exchanging cash, touching terminals or anything else."

According to CNBC, shoppers are avoiding paying in any way that involves handling cash or handing over credit cards because of fears over the coronavirus. Before the outbreak, mobile payments accounted for approximately 10% of transactions, said CNBC.

The Mercury News said, according to a 2017 study conducted in New York City, researchers found microorganisms living on the surface of cash, ranging from mouth bacteria to flu-like viruses. Credits cards are equally dirty, said the News, since microorganisms can live on plastic for days and infect the multiple people using point-of-sale terminals.

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Mastercard saw a 40% hike in the use of contactless payments, including tap-to-pay and mobile pay, as the coronavirus pandemic worsened during first quarter of this year.
germs, tap to pay, transactions, pandemic, social distancing
149
2020-33-29
Wednesday, 29 April 2020 05:33 PM
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