Contactless payments set to soar across Europe

Interesting growth in contactless payments in Europe. Data from research house RBR shows that there where 223 million contactless cards in issue in Europe by end of 2014, up 65% from 2013 and representing 15% of all payment cards in circulation. RBR forecast that this will triple to almost 700 million contactless cards by 2020, then representing 40% of total cards volume.

Contactless-enabled EftPOS terminals is at 2,5 million in Europe, representing 16% of all terminals in the region. This will increase rapidly due to mandates from MasterCard and Visa. This mandates state that new terminals should be capable of accepting contactless transactions by the beginning of 2016 and all existing terminals should be converted by the beginning of 2020.

Comments: The MasterCard mandate has at least one exception, where Sweden is “allowed” to be one year later for all new terminals to be capable for contactless. I believe that the fast roll-out of contactless cards and terminals will really help the roll-out and use of attractive mobile payments and value added services based on NFC technology.

Read article with more figures here.

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