04 December 2016
visit http://www.wolterskluwerfs.com

Visa dominates contactless payments in Europe

28 January 2016  |  3163 views  |  0 Source: RBR

Contactless cards achieved a breakthrough in Europe in 2014, as the number of payments grew by 155% – a figure which is forecast to continue to soar over the next few years.

Visa is by far the largest scheme in the region for contactless payments.

MasterCard PayPass is strong in several developing markets

RBR’s study, Global Payments Cards Data and Forecasts to 2020, shows that Visa payWave had a 61% share of the 1.4 billion contactless payments in the region in 2014. MasterCard (including Maestro) PayPass accounts for the vast majority of the remainder. However, whilst Visa payWave is the largest scheme in several developed contactless card markets, including Poland and the UK, MasterCard PayPass accounts for the highest proportion of payments in a number of growing but as yet relatively underdeveloped countries across the region. These include the Netherlands, where all contactless cards are MasterCard, and Russia, where the number of contactless payments is forecast to rise 65-fold between 2014 and 2020.

Other schemes account for a tiny proportion of contactless payments

The RBR study shows that other schemes combined make up less than 2% of contactless payments. In Germany, Girogo, the domestic contactless scheme issued predominantly by co-operative and savings banks, accounts for 62% of contactless card payments. Amex ExpressPay is issued in a few countries, including Greece, Turkey and the UK. With the exception of Turkey, where it was used for 8% of contactless card payments in 2014, it only accounts for a small share of payments.

Scheme shares will change as contactless expands

Contactless has spread rapidly in Europe, and RBR forecasts the payment volume to increase nine-fold between 2014 and 2020 as the technology gains traction in more countries in the region. As a result of greater contactless usage in a number of under-developed markets where MasterCard is the main scheme, for example Russia, the gap between Visa and MasterCard is likely to narrow to reflect the overall scheme shares for all card payments in the region.  

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6599 views comments | 23 tweets | 21 linkedin
Bank CEOs fret about ROI as startups drive IT arms raceBank CEOs fret about ROI as startups drive...
5713 views comments | 16 tweets | 21 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5708 views comments | 15 tweets | 13 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5607 views comments | 16 tweets | 15 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5592 views comments | 13 tweets | 12 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job