Payment technology

MasterCard to make contactless payments standard in Europe by 2020

Igenico contactless payment terminalMasterCard recently said contactless acceptance will be standard by 2020 for European merchants accepting MasterCard and Maestro.

Existing point-of-sale terminals must be replaced by  January 1, 2020, at the latest, while new POS terminals must adhere to the new standard upon deployment from January 1, 2016, onwards.

“Europeans can already use contactless cards or NFC enabled mobile payments in 36 countries across Europe and their enthusiasm for this safe and simple way to pay is evident,” Javier Perez, the president of MasterCard Europe, said. “NFC-enabled cell phone shipments are to soar fourfold in the next five years according to IHS Technology. MasterCard wants to ensure that mobile and contactless payments are safe and simple wherever you are in Europe making it easy to pay how you want when you want.”

A new study from PRIME Research showed that consumers in the U.K., Poland, Russia, Italy, Hungary and France are most inclined to adopt contactless technology.

“In 2013 alone the number of MasterCard and Maestro contactless transactions across Europe tripled and the volume spent on those transactions increased four times,” Chris Kangas, the head of contactless payments for Europe at MasterCard, said. “Contactless users tell us on social media that they love tapping and want to tap more. Today’s announcement is a much needed stake in the ground, marking the next milestone for contactless.”

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