September 17, 2018
Europe leads contactless adoption as almost 1 in 2 transactions are now contactless
Increased adoption of contactless technology demonstrates European consumers’ enthusiasm to embrace new technologies as they opt for trusted convenience.
Waterloo, Belgium – September 17, 2018 – Contactless technology continues to proliferate as the most widely adopted form of electronic payment in European history, with almost one in two of in-store card transactions now being contactless.
Transportation systems across Europe are one of the main areas fuelling the growth of contactless transactions as they enable faster transactions and greater security. The number of customers using contactless in transit is steadily increasing as the technology takes a more prominent role in everyday life. Mastercard reinforces this movement and establishes the acceptance of contactless as standard in the continent, as by 2020 all point-of-sale terminals in Europe will be contactless enabled.
New research from Mastercard supports the undeniable rise of contactless usage across Europe with a 97% increase in contactless transactions year-to-date. In more than 15 key European markets – including Denmark, Croatia, Greece, Hungary, Netherlands, Poland, Russia –contactless in-store transactions are already above 50%. Continuous technological advancements in payments and data analytics across Europe is enabling countries to fully embrace the constant improvements of regional technology infrastructures. As a result, each country is able to operate in more integrated and efficient ways.
The recent data also shows that European countries are dramatically shifting their consumer behaviour to embrace contactless technology with some countries, such as Poland a.o., leading the way, where contactless transactions are over 80% year-to-date. Many European countries are embracing the cashless economy as demonstrated by people’s move away from cash and the rapid adoption of contactless technology.
These results are clearly evidencing how Europe is leading the contactless revolution as consumers are looking for speedy and convenient payment methods they can trust. In addition to ease of use and convenience, consumers also seek the added benefit of security and protection when it comes to payment technology. With the reported increased usage on contactless, comes familiarity and reassurance with more consumers now believing contactless technology is just as safe or more secure than traditional forms of payment.
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