NMI, the payment enabler, took part in a contactless payment campaign where it set up contactless donation spots in Bristol in support of a charity event. Soon after, a press release reported that the amount of money they had collected was 309% more than what they got a few years ago (without contactless payment tech).
The payment tech firm worked together with Wallace & Gromit’s The Grand Appeal, a UK-based child’s hospital and set up the equipment along a busy sculpture street in the city. NMI’s Cashless payments are gaining more popularity in the U.K. Today it makes up 1 in 2storefront transactions and 2 out of 5 face-to-face Visa transactions.
The shift to contactless payments was rapid – most markets experienced contactless adoption shoot from low rates to exceed 50 per cent in just18 to 24 months.
The US to go “more contactless” soon
Unlike in the UK, contactless payments are not as popular in the US because most card brands haven’t shifted to the contactless option. Things may soon change, however, according to statements by Daniel Sanford, a Senior Vice President at Visa.
“We expect to see the same contactless usage rates in the U.S. as we’ve seen in other parts of the globe,” Sanford said. “But cards must be in the market to drive usage.”
The power of contactless payments
According to Ingrid Anusic, NMI’s V.P of Marketing, this payment option opens new revenue streams more so for charities.
“With more and more people carrying around less cash, and contactless payments replacing EMV chip card payments worldwide, NMI thought it was important to open new revenue streams for charity organisations like Wallace & Gromit’s The Grand Appeal by adding the contactless payment option because most retail customers already use it,” Anusic said.
Nicola Masters of the Grand Appeal also agreed that the collaboration was a crucial move because contactless payments are increasingly trending over chip and PIN transactions in the UK.
“We were glad to work with NMI in this exceptional campaign project, and thanks to the partnership The Grand Appeal has collected a huge amount of donations from people all over the trail. These numbers wouldn’t have been possible with the traditional methods of donation,” Masters said.
NMI set up 17 contactless donation spots which ensured the charity collected up to $58,000.
The shift to contactless payments has been faster than anticipated in the UK and other nations. Soon, we expect to see more Card Brands offering the option and adoption rates increase in the United States as well.
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of cutpay has helped thousands of business owners save money and time.