Answer: Contactless payments

Questions: 

• Have you ever used “Tap to Pay” or contactless payment? 
• Do you think that consumers will go back to paying with cash in a few years or will they continue this trend toward contactless payments? 
• What do you think are the pros/cons of this specific form of payment?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (Bloomberg): 

“We shouldn’t be touching anything,” said Richard Crone, chief executive officer of mobile-payment research firm Crone Consulting LLC. He expects contactless payments to grab an additional 10% to 20% of transactions at stores and ATMs as the result of the pandemic. Person-to-person services like PayPal, Venmo and Zelle should benefit as well, Crone said.

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Keep the conversation going about contactless payments with this FinCap Friday "Tappity-Tap" 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.