[CHART] Here's how issuers can warm US consumers to contactless tech – and why it could fuel a boom in 2019

Fully understand why contactless cards aren't saturating the US market with this chart.

NEW CHART & DATA: PAYMENTS Here's how issuers can warm US consumers to contactless tech — and why it could fuel a boom in 2019… Though NFC terminal penetration in the US is high, customers are struggling to warm to contactless technology in the market, according to data from the TSYS 2018 US Consumer Payment Study. Encouraging customers to pay contactlessly has a number of back-end benefits, including increased transaction safety relative to magnetic stripe cards and added efficiency that can decrease checkout times and make payments more seamless. But for issuers, contactless cards are slightly pricier than non-contactless cards, which means that it's important to find ways to encourage customers to use the technology to realize these benefits to a degree that can help offset the investment. View full chart data→ * This chart and the related data are exclusively available to Ultimate Payments Research Bundle subscribers. You can get access to this chart and other timely updates when you sign up today. Most US consumers still don't have contactless technology. Sixty-five percent of US adults surveyed by TSYS do not have a contactless card. Considering that the average adult has between two and three credit cards, this figure is fairly indicative of just how small the technology's reach still is in the region — a marked contrast from otherwise similar markets, like the UK and Australia, where contactless cards are nearly omnipresent. Those that do have the option are still reticent to use it. TSYS found that 16% of survey respondents have a contactless card, but of that group, just over half (55%) have used it to make a purchase at least once — a fairly small group. Part of that issue could be awareness, since nearly a fifth of survey respondents didn't know if their card had contactless technology. But other structural hurdles seem to be coming into play as well. Here are a few tactics that issuers, merchants, and card networks can use to stoke adoption: Give customers a... Subscribe risk-free to view The Full Analysis Here's a summary of what you'll receive when you subscribe to the Ultimate Payments Research Bundle today: 54 immediately accessible research reports and data-sets, including The Payments Ecosystem Report. At least 15 new Payments reports over the next 12-months. Insightful newsletters and charts about everything important taking place within the payments space. 14-day money back guarantee period so you can access all of the above risk-free! Other research highlights you don't want to miss Our data shows iPhone users want the Apple Card — here's why its appeal could propel Apple Pay A large segment of iPhone users find... Access Full Chart → WACH payment fraud jumped last year — here's how banks can fight back as the $51.2 trillion network grows Payments fraud is on the rise as... Access Full Chart → Subscribe to BI Intelligence's Ultimate Payments Research Bundle today and you'll have instant access to 100s of charts like these, daily briefings in seven key coverage areas and a members-only Research Center filled with insightful reports. Sign up risk-free Today! Copyright © 2019 Business Insider, Inc. All rights reserved.

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