Visa reports 1bn extra contactless transactions in Europe since payment limit rises

Smartphone making Visa contactless transaction
GROWING DEMAND: More than 80% of in-store Visa payments in Europe are now contactless

Visa has processed 1bn additional PIN-less, touch-free payments since 29 countries across Europe increased contactless transaction limits in response to the Covid-19 pandemic last year, the card network reports.

Some 400m of these additional transactions took place in the UK, where the contactless limit rose to £45 (US$62) in March 2020 and is being increased again this year to £100 (US$138).

“Growing demand for contactless transactions is evident across Europe, with over 80% of in-store Visa payments now contactless,” the card network says.

“In France and Germany, the number of contactless transactions has increased by two thirds and almost half, respectively, year-on-year.”

“The popularity of ecommerce is also surging across Europe, with over 15 countries experiencing a 40% or higher increase in ecommerce transactions in December 2020 versus the year before,” Visa adds.

“The demand for touch-free payments indicates that contactless has become the norm for European consumers and retailers,” says Visa’s CEO Europe, Charlotte Hogg.

“Contactless payments are popular because they combine speed and convenience with security.

“Indeed, contactless cards experience among the lowest fraud rates of any payment type and in countries where contactless payments are widely used, fraud at the point of sale remains at historic lows.”

The number of additional PIN-less contactless payments recorded by Visa since the transaction limit increases in Europe reached 500m in October 2020.

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