Contactless card payments increased 30% YoY in 2021: Visa

New Ideas in MarketingEssential news for marketers, summarised by YouGov
November 30, 2021, 1:00 AM UTC

74% of holiday consumers are willing to spend more at small businesses with better customer service, according to Wells Fargo’s recent survey.

Small businesses looking to boost sales this holiday season should offer better consumer services and a contactless payment system. Older consumers and parents of older children are more likely buy in-store for an in-person shopping experience, as per the report.

However, businesses that don’t offer a contactless payment method will likely lose out on consumers, since contactless payment surged 30% YoY in 2021, as shared by Visa. In addition, nearly 50% of customers avoid buying at stores that don’t offer contactless payments options.

Two-thirds of retailers now accept some form of contactless payment, according to the National Retail Federation. Linda Cascardo, at Wells Fargo's Global Treasury Management, says ,"The shift to digital payables and receivables is expected to be permanent.”

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