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Transit May Popularize Contactless Payments In TECH FINANCE BI PRIME Log In Subscribe INTELLIGENCE ALL 20 Ingenious Inventions 2019 They're selling like crazy. Everybody wants them. Techgadgetstrends.com New York City could become a hotbed for contactless payment adoption in the US Daniel Keyes Dec 13, 2019, 10:24 AM This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning. To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here. One Metro New York (OMNY), New York City's contactless transit system, has recorded over 4 million taps since launching in select subway stations on May 31, per a release from Visa. The system's usage may be accelerating, as it took 10 weeks to bring in its Hrst 1 million transactions, added another 2 million by early November, and has now racked up an additional 1 million in a little more than a AP Photo / Mary AltaCer month. As the system expands to more subway stations, train lines, and bus routes — it's now been added to Penn Station's subway stops, which saw over 160,000 daily subway rides, on average, during weekdays in 2018 — and becomes more accessible, its transaction volume should climb even higher. Contactless cards and transactions have become more popular in New York City, potentially positioning the city to quickly adopt contactless payments for transit and more. Tap-to-pay adoption is reportedly surging beyond transit in New York City, giving consumers the ability to take advantage of OMNY's expansion. Nearly half of all Visa cards in the New York metropolitan area can now enable contactless payments, which is necessary for consumers to be able to take part in OMNY, and Visa is a fairly good proxy for overall contactless adoption since it's the leading card network in the US by number of payment cards, per the Nilson Report. OMNY's usage should rise even further as issuers like American Express, JPMorgan Chase, and Wells Fargo give more consumers access to the technology, potentially allowing it to become a popular transit payment option throughout New York City before long. Consumers in New York City may begin to make contactless payments throughout their lives since contactless transit payments can drive broad adoption of the payment method. Time is at a premium when consumers are traveling, making contactless transit payments particularly attractive since they remove steps from the payment process. And with 67% of New Yorkers reporting that they've missed a train because they had to wait in line to purchase a ticket, contactless' value should be clear to New York City subway riders. Once consumers begin using contactless transactions for transit payments, they may start using them for other transactions as well if they want the same fast payment process, potentially setting contactless payments up to gain widespread popularity in New York City, like they've found in the UK. The potential for New York City's fast adoption of contactless payments could beneHt Bank of America more than other issuers because of its di]ering strategy. Bank of America began sending out millions of contactless cards to cardholders in New York, Boston, and San Francisco earlier this year, and it's leveraging adoption there to plan for the rest of the market — a rollout strategy that di]ers from other issuers' plans. By having more contactless cards in New York as OMNY becomes more popular, Bank of America can potentially measure usage and examine trends in the early days of US contactless adoption, which could set it up to succeed as the payment method gains wider acceptance in the US. Want to read more stories like this one? Here's how to get access: ^. Sign up for Payments & Commerce Pro, Business Insider Intelligence's expert product suite keeping you up-to-date on the people, technologies, trends, and companies shaping the future of consumerism, delivered to your inbox 6x a week. >> Get Started a. Join thousands of top companies worldwide who trust Business Insider Intelligence for their competitive research needs. >> Inquire About Our Enterprise Memberships b. Explore related topics in more depth. >> Visit Our Report Store c. Current subscribers can log in to read the brieHng here. More: BI Intelligence BI Intelligence Content Marketing Finance BII Markets Insider * Copyright © 2019 Insider Inc. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Cookies Policy. Sitemap Disclaimer Commerce Policy Coupons Made in NYC Stock quotes by finanzen.net International Editions: INTL DE AUS FR IN IT JP MY NL SE PL SG ZA ES.
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