“From the beginning of next year, any new payment terminal that gets deployed has to accept contactless,” MasterCard’s head of emerging payments products Mike Cowan told attendees at the company’s Future of Payments event in London this week, TechWeek Europe reports. “By 2020, every single terminal will accept contactless,” Cowan adds.
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Europe plans to remain ahead. While there are contactless cards, even EMV contactless cards, contactless readers are also open to mobile. While Samsung Pay, using Magnetic Secure Transmission (MST), works with the obsolete magnetic stripe readers, both Android Pay and Apple Pay need contactless readers to succeed.
Global experience with EMV demonstrates that as we secure cards at the point of sale, fraud will move to online transactions. Unlike cards of any “stripe,” mobile can address the “card not present” online purchases.
Of course, all mobile does not require NFC contactless readers. We have mobile to mobile apps and proprietary applications like the one at Starbucks that use bar codes or QR tags. On the other hand, broad applications like Amdroid Pay and Apple Pay may need NFC readers to thrive.