Europeans want more wearables for contactless payments as NFC transactions grew 145%

22 February 2018

Recent research commissioned by Mastercard and held by GCT Research showed that an increasing number of consumers in European countries are tapping into the trend of using NFC-enabled wearables. The survey polling 50,747 people in UK, France, Russia, Spain, Italy, Germany, Netherlands, Poland and Sweden, indicates that 25% of Europeans want to start using tap-and-go payment solutions on their smartwatches, bracelets, keyrings and other types of available NFC-powered gadgets.

While the interest in the wearables is growing, the concerns over security and wary attitude to contactless technologies are coming down. Last year the volume of spending with the use of contactless payments on Mastercard and Maestro increased 145%, and concerns over fraud related to such solutions dropped by 24% overall in Europe with Netherlands, Spain and the United Kingdom leading the path, showing 41%, 33% and 31% decline respectively.

The United Kingdom and the Netherlands demonstrate the highest level of potential mass adoption of wearables as financial institutions such as Barclaycard and ABN Amro are proactively promoting the services providing contactless capabilities with stylish accessories.

Yvonne Duits, speaking for ABN Amro, notes that the time is up for the financial institutions to shift from obsolete payment instruments and start offering innovative solutions meeting expectations of their consumers.

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