[eMarketer] Proximity mobile payments redefine transactions
As the pandemic-induced social distancing and sanitizing measures drive everyday interactions, consumers are embracing contactless payments for both online and offline platforms which have seen e-commerce retailers adopt innovative methods to respond to these customer needs.
Such practices are poised to grow especially in the US from 101.2 million in 2021 to 125 million in 2025 marking the first year that more than 50 per cent of US smartphone users will embrace this mode of payment according to a forecast by eMarketer.
A Fiserv survey conducted in September 2020 indicate that nearly three out of four millennials who have used touchless payment methods will continue doing so, and an estimated two out of three consumers in other generational gaps will adopt the same model which points to consumers overall satisfaction with the practice.
To sate this appetite companies are lining up unique offerings. For example Apple Pay and Google Pay offer cash-back bonuses.