The number of contactless transactions on MasterCard and Maestro cards in Europe passed the one billion mark for the first time in 2015, an increase of 150% on the previous year. Already in Europe, on average, 13% of in-store transactions processed by MasterCard in Q4 2015 were contactless.
New data reveal the number of cards, mobile phones or other devices tapping soared by 121%, and the total MasterCard and Maestro spend on contactless transactions was up by 183% year on year. Data also shows the number of contactless cards and devices issued to consumers increased by 50% in 2015.
In Europe alone, there are already over 10 countries with over 5 million contactless cards or devices in circulation for each of them. These are accepted in 74 countries around the world, including Estonia and Iceland, which have recently been added to Europe’s contactless map.
Merchants have also followed suit, with 2015 showing an impressive 72% increase in the number of contactless merchant locations compared to 2014. In fact, MasterCard estimates that MasterCard or Maestro contactless cards or devices can now be used at over 4 million merchant locations worldwide.
Chris Kangas, Head of Contactless Payments Europe at MasterCard commented: “New research has revealed that in Europe, about 48% of daily purchases are below €25, and therefore typically within the contactless tap & go limit (above €25 it is possible in most countries to tap and authenticate with PIN code). In the Netherlands and UK, this figure is even higher at 55% and 59% respectively. However, with so many transactions falling within the contactless tap & go band, and consumers proving their openness to using this technology, merchants are in the ideal position to take action and reap the benefits.”
„Across Europe, there is already evidence of this. In Czech Republic, 77% (almost 4 in 5) of in-store transactions processed by MasterCard were contactless in 2015. In Poland, the figure was 55% (over half), 40% in Hungary (4 in 10), 38% in Slovakia (more than 1 in 3), 13% in Spain and 9% in the Netherlands (almost 1 in 10).”, according to the press release.
Issuers too can benefit from this onward trend in contactless. MasterCard data analysis shows that contactless capabilities and the added value this brings drives cards to top of wallet, generating higher spend. The increase in spend is not only generated from new tapped transactions, but also from a significant rise in total transactions.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
