Contactless transactions continue to gain popularity across the world. According to Mastercard almost one in two in-store card transactions in the UK are contactless.
Since the technology was introduced over a decade ago, contactless transaction popularity has soared significantly. It continues to grow as the most popular electronic payment method in the UK.
New data from Mastercard revealed that there has been a 95% increase in contactless transactions in the year to date. Furthermore, contactless technology now represents 46% of all transactions every month.
Getting around with contactless transactions
The UK is at the forefront of the tap and go revolution with Mastercard stating that Transport for London has been the most significant driving force for UK adoption.
Quick, frictionless and secure, the number of commuters using contactless for getting around London is rapidly increasing, as the technology takes a more prominent role in everyday life.
Mark Barnett, president of Mastercard UK, stated: “The UK is a global leader in its use of contactless. The technology has fast become synonymous with our everyday payments. It is faster and easier to use than cash and yet it affords more security. As such the adoption and trust in contactless can only increase from here.”
Looking to the future
Earlier this week, Mastercard announced that it is establishing contactless acceptance as standard by 2020. This will be implemented for all merchants accepting MasterCard and Maestro across Europe.
Moreover, according to the PRIME research, consumers in the UK, Russia, Poland, Italy, Hungary and France are the most eager to adopt contactless transactions.
Javier Perez, president of MasterCard Europe commented: “Europeans can already use contactless cards or NFC enabled mobile payments in 36 countries across Europe. Their enthusiasm for this safe and simple way to pay is evident.
“NFC-enabled cell phone shipments are to soar fourfold in the next five years according to IHS Technology. MasterCard wants to ensure that mobile and contactless payments are safe and simple wherever you are in Europe making it easy to pay how you want when you want.”