Question of the Day: What percent of consumers will only shop at stores that offer a contactlesss ("tap to pay") payment option?

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Sep 07, 2020
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Question of the Day, Payment Types

Answer: 52%

Questions:

  • Would you only shop at stores that offer a contactless payment option? 
  • After COVID-19, do you think your payment behaviors will change and you will be more comfortable with cash and credit/debit card readers? 
  • What are some concerns you might have about a cashless society? 

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom. 

Behind the numbers (VISA study): 

Your money or your health? In a world previously driven by price, shoppers are now putting COVID-19 safety measures at the top of their shopping lists and they will reward stores that do the same. For many shoppers, a store that doesn’t have a contactless payment method is a store that doesn’t get their money...This shift to digital-first commerce and technologies like contactless payments has ushered in a new generation of consumer tendencies that will have a ripple effect on the global economy for years to come.

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FinCap Friday has an episode "Tappity-Tap" explaining this trend toward contactless payments. 

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Check out our FinCap Friday library for over 80 current event explainer videos! 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.