According to recent data from MasterCard, nearly one-quarter of Europeans, or roughly 175 million people, are prepared to begin using contactless payments with wearable devices.
Contactless payments are already supported by a number of smartwatches, smart rings, and other wearables. The rivalry is getting fiercer, and the majority of the main players want to provide their own unique payment platforms. The first to enter this market were Apple Pay and Google Pay. Fitbit Pay and, most recently, Garmin Pay are the main competitors right now.
According to Mastercard’s research, many Europeans are more than eager to experiment with new payment methods as fears about fraud decline. Banks all around Europe are attempting to implement this new contactless payment trend.
ABN Amro is a prime example. Last year, the Dutch bank began dispensing rings with built-in NFC technology. Customers can use this ring to pay virtually anywhere that shows the contactless MasterCard payment symbol. You may make a payment without pairing the device with a smartphone because it functions independently.
The payments processing company is collaborating with merchants around Europe to increase the number of retail locations accepting these payments. Approximately 38% of all in-store transactions are currently contactless. However, the business is also looking outside of Europe. MasterCard only recently announced a programme to make contactless payments the universal norm within the next five years.
According to Paolo Battiston, Executive Vice President of Digital Payments & Labs Europe at Mastercard, “Europe leads the world in contactless payments and its enormous success has created a demand for even greater ease.”
Shoppers appear eager to go one step further by experimenting with contactless through linked devices since their faith in contactless is higher than before. Consumers will be empowered in the digital economy through pilot programmes like the one we’re working on in the Netherlands.