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Asmall-town pizzeria. Your favorite corner bistro. Even Girl Scouts sell cookies outside the grocery store. Not long ago, all these locations would have required credit card swipes—or even just cash—to check out. Now, they are all examples of places that may accept tap-to-pay from digital wallets and contactless credit cards.
Tap payments have grown quickly over the past couple of years, with digital wallet prevalence and COVID-19 precautions driving much of the adoption. Task Group analyzed news coverage, industry reports, and Federal Reserve data to dive deeper into the growing phenomenon of contactless card payments.