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Contactless spending up 145%

Martin Greenland | 16:57 Wednesday 7th March 2018

Contactless spending on Mastercard and Maestro grew by 145% in the last year, according to new research.

Figures from Mastercard have also revealed that 24% of Europeans expected to start using 'tap and go' contactless payments with a smartwatch, bracelet, keyring or other forms of wearable payment technology.

The results come on the back of news that ABN AMRO is testing wearable payment technology, with the Dutch bank being one of the first to enable payments with such a device linked to a current account.

The research also reported that concerns around fraud while using contactless had decreased, with the Netherlands (-41%), Spain (-33%) and the UK (-31%) all seeing a major drop in such fear.

“Europe leads the world in contactless payments and its overwhelming success has created a demand for even greater convenience,” said Paolo Battiston, executive vice-president for digital payments and labs Europe at Mastercard.

“Shoppers' trust in contactless is greater than ever, and in turn it seems they are ready to take this one stage further by trying contactless through connected devices.

“Pilots like the one we're involved with in the Netherlands will empower consumers in the digital economy.”

Mastercard is planning to continue to work with retailers to help meet expectations surrounding wearable payments, with 42% growth in the number of retail locations accepting contactless across Europe.

“With customer expectations clear and the new technology available today, the time has come to drop cumbersome methods of payment and embrace a better consumer experience through wearable payments,” said Yvonne Duits, product owner payments at ABN AMRO.

“We care about making things convenient for consumers and offering everyone a payment method that suits their preferences and this pilot is testament to that.”

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