Consumers are making more use of NFC-based contactless payments to avoid handing over cash or touching payment terminals.
Some have raised concerns that the around-the-clock real-time payment network can lead to rapid large deposit outflows, but industry experts underscored that the Fed has made tools available to control deposit flows.
Zelle owner Early Warning Services has completed a test of its digital wallet, which it sees as a tool to streamline payments and combat the rising tide of fraud schemes, including those driven by generative AI.
Contactless doesn’t work in all retail environments but where there’s a benefit, coronavirus is going to accelerate that trend and mobile payments will advance with it.