WE ARE NOT WASTING THIS CRISIS:

For example, at the end of December, the New York City Metro Transit Authority (MTA) announced that it had completed the implementation of its contactless payments system. Now, every MTA subway station and bus in all five boroughs will sport a One Metro New York (OMNY) "Tap and Go" system. These systems eliminate burdensome turnstile and ticket booth lines, cut costs associated with printing tickets, while reducing the cost of fare collection by an estimated 30%.

While it is important for any mass transit system to accept multiple forms of payment, cash acceptance poses significant challenges. A Boston Federal Reserve study found that the cost of handling cash totaled approximately 22.9% of operating expenses for transit systems, while credit and debit card acceptance cost a mere 3.5%. Card acceptance significantly reduces costs associated with counting, storing, safeguarding, and transporting cash and limiting losses from mislaid or stolen cash. Furthermore, research conducted by Xerox outlined in a survey that approximately 65% of travelers worry about not having enough money to pay with cash-based systems, and another 43% find ticketing machines difficult to use.

For years, the payments industry has added value to both consumers and businesses through its investment in enhanced security technology such as EMV chip technology, contactless cards, and biometric authorization that has allowed different sectors to engage in crucial innovation. The new trends in payments accelerated by COVID-19 will have a lasting benefit to consumers in the conduct of their everyday lives. In an era where consumer satisfaction is essential, a system of contactless payments that is faster, safer and more efficient guarantees progress for all parties involved. 

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