Maybe it’s because of Valentines Day that love is in the air, but we definitely love the headlines that came in from the payments industry this week! This week in payments we’ve learned more about contactless card spending, a Mastercard melody, and even new rewards for American Express cardholders!
1. Card spending tipped to double as contactless becomes the norm
Do you find yourself choosing plastic over paper at checkouts more often? According to a recent Global Payment Cards Data and Forecasts report, there’s a good chance the answer is yes! Payment cards were used for purchases with a value of 25.1 trillion worldwide in 2017, an increase of 13 per cent from the year before! With this data, RBR has forecasted that global card use will grow at an average of 10% per year, and will likely double by 2023. Make sure to read this report to find out other interesting stats.
2. Opera? Pop? Mastercard debuts new melody that will sound whenever, wherever you buy
If you’re not quite sure when a credit card payment processes, then this news from Mastercard might be just what you want to hear! Mastercard is debuting a signature melody this week that shoppers will eventually hear every time they complete a purchase using their Mastercard. This one-second melody will soon expand to their marketing platforms where it will be used as a sign-off sound. If you’re interested in the why’s or how’s of this implementation, check out this article!
3. Enhanced rewards, tastier benefits in The Platinum Card® from American Express Canada
American Express may have America in the name, but new benefits are rolling in for Canadians as well! American Express Canada unveiled new rate benefits for Platinum Cardmembers this week, allowing them to earn more points on purchases large and small, particularly on dining and travel purchases. This press release breaks down the new point system, so make sure to take a look!
4. You’ll be able to use your smartphone to pay bus fare
Public transit seems to be a topic that comes up regularly in This Week in Payment News, and for good reason! This week, B.C Transit announced a 21-million dollar upgrade to its fare system, which will eventually add debit and credit options into their system. The hope, according B.C. Transit vice-president of business development, is that an easier fare system will encourage more people to use public transit.