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During the strictest phases of the widespread closure of all but necessary retail companies, because of the pandemic, many transactions, if possible, will have to be made through online means by definition.
Fremont, CA: COVID-19, having accelerated the development of the branch system and digital banking, appears to be stimulating the adoption and use of contactless payments, in particular contactless cards. Although a change has occurred, at least one payment specialist advises that its significance must be carefully considered.
Early in the coronavirus crisis, there was a great deal of concern that merely contacting a surface such as a card reader or POS terminal PIN pad that had been touched by an infected individual would cause someone to catch the coronavirus. Much stock was placed in the wrong quotation attributed to the World Health Organization, which immediately denied that surfaces were a significant danger.
It's less certain how contagious the disease is from surface contact. But since those early days, many consumers in the U.S. and elsewhere have chosen to use contactless means of making payments out of an abundance of caution.
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The transition has taken two forms. One is using contactless cards or mobile wallets at the point of sale, without touching the payment station. The other is payment through online or mobile prepayment, or even by phone, with the customer receiving their purchase from the retailer's store.
With COVID-19 and its economic impacts, the contactless movement has been a moving target. During the strictest phases of the widespread closure of all but necessary retail companies, many transactions, if possible, will have to be made through online means by definition.However, there is general agreement that, just as many Americans tried and liked digital banking for the first time during the pandemic, many have tried contactless payments for the first time and would have a strong interest in continuing the practice.