Wearable devices like smartwatches, bracelets and key rings are spiking European shoppers’ frequency of contactless payments. According to new research conducted by Mastercard, 24 percent of Europeans are predicted to opt for tap-and-go methods.
“Europe leads the world in contactless payments and its overwhelming success has created a demand for even greater convenience,” said Paolo Battiston, executive vice president of digital payments and labs within Europe at Mastercard. “Shoppers’ trust in contactless is greater than ever, and in turn it seems they are ready to take this one stage further by trying contactless through connected devices. Pilots like the one we’re involved with in the Netherlands will empower consumers in the digital economy.”
To better understand the shopping habits within the European market, Mastercard and Maestro conducted a survey deployed by GCT Research 50,747 people within the U.K., France, Russia, Span, Italy, Gemany, the Netherlands, Poland, and Sweden.
According to Mastercard and Maestro, contactless spending grew by 145 percent in the past year, signaling that European consumers are eager to experiment with new payment options. This is likely in tandem with the increase of retailers offering and accepting contactless payments. According to Mastercard, the number of retail locations accepting the purchasing method increased by 42 percent. With that, 38 percent of all in-store transactions were contactless in the past year.
“With customer expectations clear and the new technology available today, the time has come to drop cumbersome methods of payment and embrace a better consumer experience through wearable payments,” said Yvonne Duits, product owner payments at ABN AMRO.
As the need for convenience and efficiency continues to infiltrate and inform consumer spending, keeping step with new technologies – especially connected payment options – will deem paramount to maintain shopper loyalty. Should a payment hurdle be encountered, deal-hungry and investigative shoppers will increasingly explore competitors that do accept the most seamless purchasing methods.
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