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Let's face it: a significant number of small businesses The concept has been catching on in a lot of countries,
are slow to change. If the current situation has taught though not so much in the United States. Visa claims that
us anything, it's that not having an online presence is 48 percent of in-person transactions (outside the United
the kiss of death. I, like everyone else, hope and pray the States) now are contactless.
coronavirus pandemic is short-lived and that the economy
will rev up soon. But the reality is that there may be The U.S. numbers are certain to change. All of the leading
another pandemic in our times. If and when that happens card issuers (American Express, Bank of America, Capital
are great unknowns. One, Chase, Citi, Discover and Wells Fargo) have or are
in the process of issuing contactless cards to their vast
Which brings me to another potential bright spot to come portfolios. And at least one major retailer – Costco – has
out of all this: contactless payments may finally come of contactless terminals in place for consumers with its co-
age. The European Banking Authority in March urged branded credit cards (issued by Citi) to use the contactless
payment services providers to make more contactless feature.
payment options available to consumers in the European
Union in light of "the exceptional circumstances caused I can't help but think a lot of Americans are now weary
by the spread of COVID-19 across the globe." The EBA also of using PIN pads that countless others have used
urged PSPs to raise transaction ceilings for contactless before them, and will embrace contactless cards more
payments to 50 Euros (or about $55), as allowed under EU enthusiastically than they have the various mobile pays,
rules. even after the pandemic passes. We live in difficult times.
But it's important to remember that no one is alone – we're
While there is little definitive information that COVID-19 all in this together. And while change can be difficult,
can be spread through currency, the news agency Reuters particularly when thrust upon us, payments professionals
reported that some European merchants are refusing to are a resourceful and resilient lot.
handle cash, encouraging contactless payments instead.
Contactless payments can be completed using a mobile Patti Murphy is senior editor at The Green Sheet and self-described
device (think Apple Pay or Samsung Pay) or a credit/debit
card with an imbedded NFC chip. payments maven of the Fourth Estate. Follow her on Twitter @GS_
PayMaven.

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