A new study forecasts almost 250 million cards will be used to make contactless payments in 2014.
A report, published by Juniper Research, suggests that the global migration to EMV (Europay, MasterCard, Visa) Chip & PIN will rapid the growth, along with a continuing rise in contactless POS infrastructure around the world. Markets that have adopted the technology early, such as Australia and the UK, will be the first to drive an increase in contactless card usage, along with the US, who will enhance it further as they continue to experiment with NFC-enabled tools.
The report focuses hugely on contactless adoption in the UK, stating that recent usage has mostly been down to an increase in contactless payment services in both retail and ticketing. It particularly highlighted the launch of contactless cards on London buses as a reason behind strong UK figures, revealing that over 3.5 million travellers paid this way since it was introduced in 2012.
Windsor Holden, an author of the report, said: "We’re still at a comparatively early stage in the consumer contactless journey. Awareness of — and confidence in — the technology needs to increase substantially before we move to true mass adoption."