Nearly Half of Consumers Don't Know Contactless Payment Symbol on Credit, Debit Cards

CHARLOTTE, N.C., June 24, 2020 /PRNewswire/ -- A new survey from CompareCards® by LendingTree has found that only 51% of consumers surveyed could correctly identify the wave-like symbol on credit cards that signifies contactless payment capabilities, and that familiarity and usage varies by gender and generation.

Key findings

• Nearly half of all consumers couldn't recognize the contactless payment symbol on a credit or debit card.
• 57% of men surveyed and 59% of millennials were the groups most likely to correctly identify the symbol
• However, 45% of cardholders said they had made a contactless payment with a credit card or debit card at some time in the past.
• Again, men and millennials were also most likely to have ever made a contactless payment
• More than a third of respondents said they're using contactless payments — including mobile payments and/or contactless cards — more due to the coronavirus pandemic.
• Consumers are split when it comes to their payment preference: 41% prefer paying the traditional way, such as inserting a chip or swiping, while 39% would rather use contactless payments and 20% have no preference.

Contactless payments have been embraced during the coronavirus pandemic as people seek to reduce the number of surfaces other people have touched (including payment terminal keypads) when out in public. CompareCards' survey confirmed that about one in three consumers said they were using contactless payments – either mobile payments or contactless credit cards – more now because of the coronavirus outbreak. Data from MasterCard hints at coronavirus-driven increases in contactless spending, as well. The credit card network reportedly saw an increase of about 40% in contactless payments in the first quarter of 2020.

Yet, there remains a big age gap among those who said they were using contactless payments more frequently. Consumers aged 18 to 54 were more than twice as likely to say they've increased their usage of contactless payments as those 55 and older.

Perhaps most important, however, is the fact that those who have used contactless cards seem to like doing so.

Nearly 4 in 10 consumers (39%) said contactless payments are their preferred method of payment, only slightly less than the 41% of consumers who said they prefer paying by swiping or inserting a card (20% said they had no preference). That's a remarkable number, considering that knowledge of and use of these payments is still relatively limited.

For the full report, please visit: https://www.comparecards.com/blog/survey-contactless-payment-symbol-not-recognized/

Methodology
CompareCards commissioned Qualtrics to conduct an online survey of 1,041 Americans, with the sample base proportioned to represent the overall population. The survey was fielded June 2-3, 2020. 

We defined generations as the following ages in 2020:

• Gen Z are 18-23
• Millennials are 24-39
• Gen X are 40-54
• Baby boomers are 55-74
• Silent generation are 75 and older 

About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit http://www.comparecards.com.

MEDIA CONTACT:
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SOURCE CompareCards

Related Links

http://www.comparecards.com

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