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Connecting with Consumers | Contactless Payments Are Becoming Critical

Posted by Michael Carter on Nov 17, 2020 9:00:00 AM

Connecting with Consumers | Contactless Payments Are Becoming Critical

At the beginning of 2020, "contactless" was an obscure term typically associated with the new generation of debit and credit cards. Using near-field communication (NFC) payment technology, these cards are capable of being tapped instead of swiped or dipped - shedding several seconds from time in the subway turnstile or checkout line. However, despite Visa and Mastercard's heavy promotion, US adoption has been gradual, shaded toward frustratingly slow…until the pandemic hit.

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Topics: Contactless Payments, COVID-19

Can You Spare Some Change? | A Broader Perspective of the US Coin Shortage

Posted by Larry Pruss on Aug 30, 2020 10:00:00 AM

Coin Shortage Social image

By now, Americans across the country have seen makeshift signs at cash registers requiring exact change or “offering” to change coins for bills, free of charge.

A few Chick-Fil-A locations have even begun offering a free sandwich to customers who bring in $10 of coins, to replenish their cash drawers. There have also been reports of some institutions offering an extra $5 for every $100 of rolled coins.

The “national coin shortage” has become so severe, the Fed has convened a task force to identify solutions and limit the economic impact.

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Topics: Contactless Payments, Contactless, Digital, Coin Shortage

New Decade, Added Focus: Banking Trends for 2020 and Beyond

Posted by Michael Carter on Jan 13, 2020 10:00:54 AM

New Decade, Added Focus Banking Trends for 2020 and Beyond

Each year, SRM interviews a subset of bank and credit union clients to get their perspective on key industry trends rising to the top of their strategic to-do lists. With another decade having drawn to a close, January 2020 serves as a nice vantage point to take things in through a wider lens.

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Topics: Banking Trends, Digital Wallets, Contactless Payments

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