Contactless payments

Top executives from banks, card brands, credit unions, fintechs and more weighed in on the major issues and innovations for the payments industry.

When it comes to naming the U.K.’s biggest cashless hubs, Bristol may not immediately spring to mind — but the city has topped Manchester, Birmingham and even London to lead the way as the country’s contactless capital.

Large U.S. financial institutions converting their credit and debit portfolios to contactless technology this summer are betting that transit agencies like New York shifting to open-loop NFC will help drive mass adoption.

New Yorkers won’t have to worry much longer about perfecting their subway swipe.

The trend is moving far beyond the car, train, bus and car-sharing app. Transportation in 2019 has become a full portal to financial services—and a way to centralize urban movement at the same time.

Google has made significant headway against merchant reluctance and branding confusion on its path to offer mobile payments. But an influx of contactless cards in the U.S. threatens another setback to mobile wallet adoption.

While the payment volume from smart wearable devices may not have achieved the initial euphoric predictions, things are about to change for the better as several market dynamics have shifted.

The U.S. is already very late to the party when it comes to contactless payments. But even so, there are signs that many merchants still aren't prepared for an influx of contactless cards.

Mastercard and MercadoPago, the payments arm of Latin American e-marketplace MercadoLibre, see opportunities for contactless prepaid cards among unbanked consumers even though local issuers have been slow to adopt the format.

Contactless transit fare systems are drawing lots of investment despite several false starts in the U.S. But new numbers out of London show there are clear and multiple benefits if the infrastructure can catch up.