Mastercard has disclosed a roadmap towards delivering consistent contactless payments in the coming five years for consumers, merchants and governments globally.
A new initiative by the firm will see upgrades to cards and terminals beginning later this year in the Middle East, Africa, Europe, Latin America and Asia Pacific to facilitate secure and convenient ‘tap and go’ payments.
While contactless transactions have been enabled in more than eight million locations across 111 countries, the Middle East and Africa have experienced 27-fold increase in such payments in 2017 alone.
Mastercard chief security solutions officer Ajay Bhalla said: “Our vision is a world where everyone can simply and safely tap their card or device when paying in a store and quickly be on their way.
“This marks a significant step towards greater consistency, security and speed for everyday payments while laying the groundwork for future innovation.”
To meet the increasing demands for contactless transactions, Mastercard is set to install only EMV chip and contactless-enabled acceptance terminals in the Middle East, Africa, Europe, Latin America and Asia Pacific after October 2018.
The same capabilities will be applied to cards that will be issued after April 2019, while all merchant terminals will be upgraded by April 2023.