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We've seen the shift to contactless payments since the pandemic began last year. We've watched EMV contactless cards become a preferred way to pay. Studies by Mastercard, Visa and others have proven the contactless payments trend has not only skyrocketed, but is here to stay.
The Monett, Mo.-based technology solutions and payment processing services provider Jack Henry & Associates, Inc. recently announced more financial institutions are using its EMV contactless cards during this age of COVID-19.
According to the announcement, "the COVID-19 pandemic renewed consumers' interests in tap-to-pay and no-touch ways to pay. Jack Henry's dual interface chip cards enable contactless transactions that leverage EMV technology, allowing a cardholder to tap the terminal for contactless purchases or insertion into the terminal for contact purchases."
In one example, the Ogden, Utah-based Goldenwest Federal Credit Union recently launched contactless cards to its members through the Jack Henry platform.
Carol Nyman, SVP at Goldenwest, said, "Contactless cards empower members to untether themselves from plastic and become nimbler in their payment choices. We're pleased to partner with Jack Henry to offer our members this level of flexibility that will also help us remain competitive in our offerings."
According to Jack Henry's statement, more studies have come out recently that lend more credibility to the need for contactless cards. One forecast from A.T. Kearney, an American management consulting firm, estimated "56% of all cards in use will be contactless by the end of 2022."
Phil Tollison, head of card processing solutions for Jack Henry, said, "Research confirms the increase that contactless payments are receiving in the prolonged pandemic environment. For years, the industry and consumers have been moving in the direction of contactless cards, but now many of those longer-term plans for adoption are being expedited based on the urgent and growing demand for a touchless payment experience. We're strategically positioned with the technology and experience to help financial institutions migrate to modern, high demand contactless card programs."
A global consumer study by Mastercard last year showed nearly 80% of people surveyed are using contactless cards and the pandemic has "accelerated and sustained contactless adoption."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
