KEY POINTS
  • The credit-card giant saw a 40% jump in contactless payments — including tap-to-pay and mobile pay — during the first quarter as the coronavirus pandemic worsened.
  • Mastercard CEO Ajay Banga says the shift was being driven by consumers "looking for a quick way to get in and out of stores without exchanging cash, touching terminals or anything else." 
  • "We are seeing an increase in the use of contactless transactions, and we think this trend will continue after the pandemic," Banga tells analysts on Mastercard's first-quarter earnings call. 

Shoppers are increasingly paying in ways that don't involve touching cash, or handing over a credit card, because of fears of the coronavirus, according to Mastercard. 

The credit-card giant reported a 40% jump in contactless payments — including tap-to-pay and mobile pay — during the first quarter as the global pandemic worsened.