COVID-19 concerns lead to more contactless payments
Last updated 8/5/2020 at 12:51pm
Both Mastercard and Visa have reported dramatic increases in contactless payments since the onset of the COVID-19 pandemic. Loss prevention specialist Chargebacks911 warns of a probable increase in fraud as wrongdoers become more fluent with contactless technology.
The U.S. has historically lagged behind many countries in the world in terms of its adoption of contactless payment. As of 2018, for example, an estimated three percent of credit cards in force in the U.S. were contactless, as opposed to roughly 64 percent in the U.K and as high as 96 percent in South Korea. Since the onset of th...