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Visa (V) Achieves a Milestone of 1 Billion Touch-Free Payments
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Visa Inc. (V - Free Report) has announced that it processed one billion additional touch-free payments, underlining the growing consumer adaptability to the contactless form of payment, which doesn’t even require to enter the PIN like before.
The company has reached this milestone in less than a year’s time since contactless payment limits were increased in 29 countries across Europe against the backdrop of the COVID-19 pandemic. The greatest surge in contactless payment was seen in the U.K with above 80% in-store Visa payments made contactless. Two-fifth of the total contactless transactions took place in the UK and there is further room for ample growth given the announcement that the UK contactless limit will increase to £100 later this year.
Visa is progressing with contactless payments via its Tap to Pay engagement. It rolled out this cashless mode of payment last October to digitally enable 50 million small and micro businesses. Visa’s Tap to Pay is the latest technological evolution in the payments space.
The method is simple, secure and quick, enabling cardholders to tap their card at a contactless Point-of-Sale (PoS) terminal to make transactions rather than 'swiping' or 'dipping' their cards into PoS terminals.
Visa worked with payments industry partners and governments to support raising contactless payments limits in markets around the world that require cardholder verification on tap-to-pay transactions. More than 50 markets across Europe, the Middle East, Africa and Canada took this step to help more individuals utilize this payment channel in the fiscal year 2020.
Research from Visa shows that two-thirds (65%) of consumers, globally, would prefer using contactless payments. This clearly shows that touchless payment became one of the most convenient ways to execute transactions and is likely to gain further prominence and acceptability in the future given that the coronavirus scare is far from over.
According to a Globe Newswire article, the global contactless payments market, which was valued at $11.2 billion in 2019, is projected to reach $26.3 billion by 2027 end. The growth curve is going to be strengthened by demand for biometric contactless smart cards.
Other players gaining from a surge in contactless payment adoption are Apple Inc. (AAPL - Free Report) , which via its Apple Pay, facilitates a mobile contact payment system and provides digital wallet service. The service allows users to pay for products and services using near-field communication at the point of sale, whether in person or via iOS apps or the Internet.
Alphabet, Inc.’s (GOOGL - Free Report) Google Pay, a digital wallet platform and an online payment system developed to power in-app and tap-to-pay purchases on mobile devices, enables users to make payments through Android phones, tablets or watches.
Square, Inc. (SQ - Free Report) offers financial and marketing services via its comprehensive commerce ecosystem that helps sellers start, run and grow their businesses.
Visa has gained 6.11% over the past six months compared with its industry’s growth of 6.6%.
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Image: Bigstock
Visa (V) Achieves a Milestone of 1 Billion Touch-Free Payments
Visa Inc. (V - Free Report) has announced that it processed one billion additional touch-free payments, underlining the growing consumer adaptability to the contactless form of payment, which doesn’t even require to enter the PIN like before.
The company has reached this milestone in less than a year’s time since contactless payment limits were increased in 29 countries across Europe against the backdrop of the COVID-19 pandemic. The greatest surge in contactless payment was seen in the U.K with above 80% in-store Visa payments made contactless. Two-fifth of the total contactless transactions took place in the UK and there is further room for ample growth given the announcement that the UK contactless limit will increase to £100 later this year.
Visa is progressing with contactless payments via its Tap to Pay engagement. It rolled out this cashless mode of payment last October to digitally enable 50 million small and micro businesses. Visa’s Tap to Pay is the latest technological evolution in the payments space.
The method is simple, secure and quick, enabling cardholders to tap their card at a contactless Point-of-Sale (PoS) terminal to make transactions rather than 'swiping' or 'dipping' their cards into PoS terminals.
Visa worked with payments industry partners and governments to support raising contactless payments limits in markets around the world that require cardholder verification on tap-to-pay transactions. More than 50 markets across Europe, the Middle East, Africa and Canada took this step to help more individuals utilize this payment channel in the fiscal year 2020.
Research from Visa shows that two-thirds (65%) of consumers, globally, would prefer using contactless payments. This clearly shows that touchless payment became one of the most convenient ways to execute transactions and is likely to gain further prominence and acceptability in the future given that the coronavirus scare is far from over.
According to a Globe Newswire article, the global contactless payments market, which was valued at $11.2 billion in 2019, is projected to reach $26.3 billion by 2027 end. The growth curve is going to be strengthened by demand for biometric contactless smart cards.
Other players gaining from a surge in contactless payment adoption are Apple Inc. (AAPL - Free Report) , which via its Apple Pay, facilitates a mobile contact payment system and provides digital wallet service. The service allows users to pay for products and services using near-field communication at the point of sale, whether in person or via iOS apps or the Internet.
Alphabet, Inc.’s (GOOGL - Free Report) Google Pay, a digital wallet platform and an online payment system developed to power in-app and tap-to-pay purchases on mobile devices, enables users to make payments through Android phones, tablets or watches.
Square, Inc. (SQ - Free Report) offers financial and marketing services via its comprehensive commerce ecosystem that helps sellers start, run and grow their businesses.
Visa has gained 6.11% over the past six months compared with its industry’s growth of 6.6%.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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