MasterCard is expecting an uplift in contactless transactions to lead to a revolution in mobile payments, with the card scheme currently running 50 NFC pilots across Europe.
So obviously there is no demand for NFC or mobile payments...
Yep, and people will never enter a PIN into a POS device, and you will never stop people smoking in bars....
There is a massive difference between a contactless transaction and an NFC transaction carried out from a mobile phone.
Unfortunatley though these figures seem positive, they are a drop in the ocean. I strongly believe that mobile will be where we see busiensses move away from the card schemes, in search of innovative ways of adding value to a trasnaction while at the same
time driving down merchant payment processing fees....
Contactless does not indeed mean NFC. QR and BLE are "contactless" too. MC (and VISA) have to sit on two chairs: legacy cards infrastructure and the next generation of payments based on, inter alia, EMV tokenization.
As for the latter, EMV is just one of the options as clearly demonstrated by the latest developments in the UK and elsewhere...
Don't know what MasterCard would think about this post as the photo has a contactless reader with a Visa payWave logo... Maybe time for some interoperability between the two? :)
Two stories for the price of one, but this mixes proper good news with wishful thinking.
From personal experience contactless card acceptance and usage is indeed rising, it is quick and easy and works first time.
Again from a personal perspective mobile NFC does not always work first time (on my Galaxy S3), and I only try it if I have a friendly merchant.
Mobile NFC mat well reach mainstream, but the contactless card already has - let’s celebrate that achievement.
Maybe contactless cards were around earlier but my first exposure to using them for making payments was in 2007. Not sure whether it's good or bad that it has taken 7 years for this form factor to reach the current level of adoption. But, one thing is clear:
This is yet another example that reinforces John M Keynes's famous saying, "The market can stay irrational for longer than the trader can stay solvent".
© Finextra Research 2015