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There's No Better Time to Go Cashless Than Now

Written by Monica Savaglia
Posted March 24, 2020

The fear of being infected by COVID-19 has never been more real than it is now. A month ago, the virus was barely on the minds of most Americans. Sure, we were getting the news about its spread across the globe, but the possibility of it coming to America didn’t seem real to most people. 

However, that wasn’t the reality at all. Of course, it would make its way into America. It’s been a little over a week since my office started working from home, and, to be honest, it feels like it’s been seven weeks. Actually, these past two weeks have felt like a decade to me. With the amount of news I’ve consumed and the constant pleas on social media and the news for people to stay home, I am exhausted beyond belief. Not to mention, new information on how long the virus can stay on surfaces has turned me into an even bigger clean freak.

I can guarantee that I’m not the only person who is now on high alert when it comes to disinfecting and staying germ-free. People are now taking washing their hands very seriously, staying six feet away from strangers, wearing gloves and masks. That is, if that person decides to go out in public. I’m not really going out unless I need to.

The other day, I had to get out because I was getting stir crazy. I went for a walk to a local coffee shop to get some desperately needed fresh air and to escape from my third-floor, 650-square-foot apartment. Most local businesses, including the coffee shop I was going to, have been adjusting to the new rules aimed at reducing the spread of the virus. They've implemented options like ordering ahead, delivery, and curbside pickup. 

I decided that I'd just walk in and get my coffee to go. Because of my heightened awareness of avoiding touching public surfaces, I placed my phone near the reader and, in seconds, paid for my coffee without touching any surface. I paid for my coffee without making contact with anyone or any surface.

I’ve never really been someone who carries around cash. It takes more effort for me to take out cash than it does for me to just pay with my bank card. It’s even more convenient to just hold my phone near a reader and for it to recognize my bank card.

I’ll be perfectly honest with you: This was never my go-to payment method. I know that these readers and this technology have been around for years, but I would always forget. It was just instinct to pull out my card. But now with the concern that coronavirus could linger around for much longer, this is the best option. 

Cash Is Really Dirty, Technology Is Cleaner

According to the Federal Reserve, the lifespan of various bills ranges from four to 15 years — meaning your bills have had a lot of time to accumulate germs... but so has the device you’re paying on. Imagine all the people who have touched the same screen as you and signed their names to complete the transaction. Imagine if that screen didn’t get cleaned every day. That’s equally disgusting. That’s why contactless payment methods are the way to go and will soon become second nature for you.

I’m not saying all of this so you obsess over germs because that’s a downward spiral and could easily consume your life. I’m saying all of this because there’s a shift happening, a shift that’s going to put tap-and-go payment at the forefront of the payment industry.

Tap-and-go payment just needed a little bit of a push, and that’s exactly what it’s getting right now. People are remembering they don’t have to touch that dirty screen; instead, they can hold a phone or card near a reader and in seconds the entire transaction is over.

Today, most transactions are moving towards tap and go by card or smartphone. About 64% of food merchants offer tap and go at checkout. 92% of drug stores and pharmacies also offer tap and go as a way to pay. It’s quick and easy and provides little to no contact between worker and customer. 

We’ve been slowly inching towards this huge technological shift for the past few years, but now it’s ready to go full force. So what does this have to do with you? Well, you’re in the perfect position to benefit from all of this, and it’s time you realize it before you miss out.

There are four companies whose proprietary “plug-in” technology allows for tap-and-go sales to occur seamlessly and instantaneously. Major companies are adopting this technology. For ease and security, Visa (NYSE: V) has plans to issue more than 100 million contactless cards in the U.S. by the end of this year. Contactless and cashless is the way to go — just scan your phone and go.

Costco (NASDAQ: COST) recently rolled out tap-and-go technology at its locations last August, and it couldn’t be more pleased with the results. Costco’s CFO Richard Galanti said, “For both the customers and us, it’s better because it’s faster. Plus, from a safety standpoint, it’s encrypted and more secure.” This technology has been much needed, and, now that it’s arrived, businesses and customers couldn’t be happier.

According to a recent report, the global contactless payment market size is expected to grow from $10.3 billion in 2020 to $18 billion by 2025 — a CAGR of 11.7%. This is a market that you’re going to want to pay close attention to.

It’s growing fast and right now could be the best time to get in. If you’re interested in learning more about the tap-and-go market and four stocks that are poised to dominate it, click here.

I'm telling you now, it's time for you to get serious about this market. It’ll help build your wealth, which is exactly what we all need right now and for the future.

The fear of being infected by COVID-19 is very real right now. No one wants to touch dirty money, so these tap-and-go companies will finally surge because of this pandemic. Find out how you can put yourself ahead of the line before these stocks surge higher.

Get more details about the tap-and-go market and the four companies leading the way to this extraordinary opportunity. 

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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