An astounding fame of contactless cards is reaching the zenith of shopper’s interest in wearable payments. A recent research from Mastercard reveals that approximately one-quarter of Europeans are waiting anxiously to start using tap-and-go payments via bracelet, key-ring, smart-watches or other modes of wearable payments.
The data, showing a conceivable market for wearables clinching not less than 175 million European shoppers, relates to a survey conducted by GCT Research among 50,747 people and across 9 countries, including Germany, France, UK, Netherlands, Spain, Russia, Italy, Sweden and Poland.
Being a convenient way to pay, more and more people turn to contactless, resulting in an overwhelming amount of interest in wearables. Contactless transaction on Maestro and Mastercard arose by 145% previous year. Another positive aspect is the greatest decline in fraud concerns (-24%), with Spain (-33%), Netherlands (-41%), and the UK (-31%).
In the Netherlands and the UK, possibilities for wearable payments are being endorsed by ABN Amro and Barclaycard. Both of these financial institutions are examining and evaluating the functionality of contactless chips in jewelry, rings or similar fashion accessories.
“With profound expectations from the customers and the technological advancements in hand, it is the appropriate time to leave behind the tiresome payment methods and enjoy a hassle-free consumer experience via these wearable payments,” suggests Yvonne Duits, ABN Amro.