Retailers, including J.C. Penney, Target and Amazon, have been investing in contactless payments, with varying levels of success. Going contactless within five years may sound like a stretch to some, but a report from London-based research firm RBR predicts that global payments will grow to $45.2 trillion by 2023, in part thanks to the popularity of contactless payments.
Overall, consumers appear to favor innovation. A 2019 NRF report indicated that 80% of shoppers felt that technology and innovation had improved their online shopping experience; 66% said they felt the same about shopping in-store, which may bode well for contactless payments.