Research and Markets announced the addition of the “Innovation in Payment Systems: The Emergence of Contactless Cards and Payments” report to their offering.
The report highlights include the growth of contactless payments during the review period – from 2008 to 2012 – in which the volume of contactless cards increased from 220.0 million to 610 million respectively. Also mentioned are the numerous trials currently underway in various countries, most of which have been activated by Visa and MasterCard.
Much of these trials are taking place in Europe, seen as the next region for growth in contactless payments. UK card providers have been the most proactive in the region in terms of card issuance, with over 19.6 million contactless cards in circulation at the start of 2012.
During the review period, the number of contactless cards in the US increased from 58.6 million to 140.0 million at a CAGR of 24.31%. The number of contactless cards in Canada registered a review-period CAGR of 63.87%, growing from 1.5 million cards to 10.5 million.
Research and Markets claims that despite the growth, contactless payments are unlikely to become a substitute for low-value cash payments for at least the next five years until consumers are more comfortable with the security of payments and with using the technology.