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.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Santander to close 140 branches
Santander has announced that it plans to close 140 branches in the UK as it reshapes its branch network...
British Business Bank UK Network aims to improve funding awareness across UK
The British Business Bank UK Network will help to improve awareness of funding options across the UK by directly approaching business finance professionals...
Building with confidence in challenging times
It is difficult to think of a time in the past three decades when the chasm between the interests of UK business and the Palace of Westminster has been more exposed than the Brexit debacle...
Real Property Finance passes £100m in deals with Cambridge & Counties Bank
Cambridge & Counties Bank has provided more than £100m of loans for the clients of Real Property Finance (RPF)...
Metro Bank reports 48% increase in lending
Metro Bank has reported that its lending increased by 48% in 2018 compared with 2017...
Metro Bank appoints Luke Lloyd-Davies to advisory board
Metro Bank has appointed Luke Lloyd-Davies to its advisory board...
OakNorth: how some of the entrepreneurs we’ve lent to first got started
For many, the new year brings with it new possibilities and the chance to explore new opportunities...
Hanley Economic BS to push self-build offering
Hanley Economic Building Society is set to commence an extensive 2019 self-build campaign as it aims to engage with growing numbers of self-builders...
NatWest offers Esme Loans directly to its SME customers
NatWest will now offer Esme Loans products directly to its existing SME customers...
OSB appoints new NED
OneSavings Bank has announced that it has appointed Sarah Hedger as a non-executive director, with effect from 1st February...
Tandem Bank reaches 500,000 customers
Tandem has announced that it has reached 500,000 customers one year on from being granted a full banking licence...