Consumers don't Understand Contactless Credit Card Technology

Only 3% of the population is familiar with contactless technology. After reading an explanatory paragraph about contactless payments technology, consumers were 7 times more likely to want a contactless card than before.

Contactless credit cards allow
cardholders to wave-and-pay at checkout terminals fitted with
contactless technology sensors. This new technology, which has cost
the industry millions in development and marketing, is not yet the
smash-hit that industry leaders had expected.

In a recently published issue of
Cardbeat (R), a syndicated market research report conducted by
Auriemma Consulting Group (ACG), consumers have indicated that
contactless technology is not an easy sell. In light of the credit
crunch, and increasing insecurity about the risk of identity theft,
consumers need additional encouragement to acquire a new card – even
if it features a compelling new technology.

After reading the description of the
technology, 63% of consumers would use a contactless card more than a
standard credit card because of its "cool new technology."
67% of consumers would use a contactless card more than a standard
card due to its "ease of use."

23% of consumers would not use
contactless cards because of concerns of identity theft; a robust
education-focused campaign should address this concern.