This is an important study for Banks and credit card companies. Payments using contactless cards are merely held over the payment device, versus the traditional method of "dipping" the card into the device, similar to an ATM.

Finextra: Consumers like convenience of contactless m-payments, study shows

Consumers like the convenience and ease of making transactions with their mobile phones, according to a new usability study of near field communication (NFC) and contactless payment technology released by Royal Philips Electronics and Visa International.

The conventional view has been that cards would transition from mag stripe plastic into chip plastic, then evolve to other form factors. This type of learning, coupled with the demographic shifts going on, and acceptance of new technology, might suggest oterwise.

Relevance to Bankwatch:
In considering payments and chip options, Banks should be planning alternative form factors within their product suite.