Mastercard reports on wearable payments adoption

The volume of transactions made using wearable devices has seen an eightfold increase in Europe over the past 12 months, Mastercard reports, while Australia tops the list of countries where most wearable payments are now being made.

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A third of all wearable transactions in Europe (33%) are made in the Netherlands, followed by the UK (18%), Switzerland (8%) and Russia (7%).

They are then followed in the global top 10 by Poland, Sweden, the United States, Czech Republic and Finland.

Overall, Mastercard reports that the volume of wearable transactions in Europe was 19.4 times higher than transaction volumes in North America.

The payments network’s figures include both active wearable devices, with a battery, and passive devices such as bracelets, rings and regular watches.

Across Europe, 61% of all in-store transactions are now made using a contactless card or device, Mastercard adds, an increase of 23% since early 2018.

The acceptance of contactless payments in European retail stores now stands at 70%, up from 42% since early 2018.