US Payments Forum eyes contactless cards as the next big thing
The U.S. Payments Forum has released its Summer 2018 Market Snapshot, which looks at the status of the U.S. EMV chip migration, next phases for emerging payments technology implementations, and recently released resources for the payments industry.
According to a press release from the forum, chip-on-chip transactions have reached approximately 57 percent (representing about 60 percent of payment volume). Contact chip is now enabled at 58 percent of all merchant locations and 85 percent of ATMs.
“Now that we see the chip card rollout reaching critical mass and delivering on its benefits, the next phases of in-store payment technology implementations are about continuing that security while making the paying process easier for consumers,” Randy Vanderhoof, director of the U.S. Payments Forum, said in the release.
Vanderhoof said that for many stakeholders, this means contactless payments.
“Our members are telling us that they are seeing more contactless transactions happening in areas where more dual-interface cards have been issued, indicating that consumers will tap if they have the opportunity,” Vanderhoof said.
The forum has published Contactless Resources: Implementation Considerations and Clarifications, a summary of current resources offering guidance on implementation of contactless payments in the U.S.
The forum has several contactless payment-related resources in the works — including guidelines for accepting contactless transactions at the ATM, the release said.