Contactless Cards in a Digital Age

U.S. issuing banks are weighing the benefits of further investment into contactless card technology.

Boston, June 26, 2019 – While contactless transactions have grown significantly in other global payment markets, most issuers in the U.S. were hesitant to invest in another card technology immediately after completing the EMV migration. But in the last year, the initial hesitation by most U.S. issuers has swiftly moved into a mad dash for the finish line.

This report discusses the accelerating strategic shift to contactless cards in the U.S., card issuers’ priorities around contactless cards in the next couple of years, trends in phasing out magnetic (mag) stripe cards, and the primary drivers of contactless adoption. It is based on interviews Aite Group conducted from October 2018 to March 2019 with individuals at 18 of the top 25 issuing banks in the U.S. who have knowledge about their banks’ strategies and priorities concerning credit or debit card portfolios, along with professionals in the payments industry.

This 18-page Impact Report contains nine figures and one table. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Apple, Bank of America, Google, JPMorgan Chase, Mastercard, Samsung, Wells Fargo, and Visa.

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