MasterCard says everyone will able to pay with their contactless-enabled device for high value payments (above £30 in the UK) at all contactless terminals in Europe by 2017.MasterCard already announced last year that contactless would be accepted at every point of sale across Europe by 2020.
Using payment services such as Apple Pay, consumers can already make higher value (+£30) contactless transactions by authenticating themselves with their fingerprint or a PIN code on their mobile phone or other device. However, currently this is only available at selected retailers. By 2017 all contactless terminals will be upgraded to allow higher value payments.
Europeans increasingly tap for their everyday purchases as they benefit from its speed and convenience. In the second quarter of 2015, tap transactions in Europe grew by almost 170% year on year and consumers already using contactless have tapped 20% more. Contactless spend tripled in Europe compared to Q2 2014. In Q2 2015, half of contactless transactions took place in grocery stores; followed by 14.5% at restaurants and bars, and 10% at general retail stores.
MasterCard contactless technology is one of the solutions that can help retailers to reduce queuing at the cashier or make life easier for consumers when they commute every day. For example, 1.2million contactless transaction are made with Transport for London each day, making it one of the largest contactless merchants worldwide. In Russia, contactless payments are now available in Moscow at parking meters, on the Metro and at ticket vending machines at a number of local and regional bus routes. In St. Petersburg contactless is also available at turnstiles of the underground, at bus routes and trams.
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