Visa processes one billion extra contactless payments across Europe

Visa has handled one billion additional European touch-free payments less than a year since contactless limits across 29 countries were increased in response to the pandemic.

400 million of the contactless transactions were made in Britain. Further growth is likely as the UK contactless limit will increase again to £100 later this year.

Research from the payments giant found that 65 per cent of consumers globally would prefer to use contactless payments as much as, or more than, they are currently.

The company’s data also shows that over 80 per cent of in-store Visa payments are now contactless.

In France the number of contactless payments has jumped by two thirds, while in Germany touch-free transactions have risen by nearly half.

Charlotte Hogg, Visa’s chief executive in Europe, said that the demand for touch-free payments indicates that contactless has become the norm for European consumers and retailers.

“Contactless payments are popular because they combine speed and convenience with security,” said Hogg. “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.

She added: “Today’s milestone demonstrates how consumers and retailers now rely on digital solutions to make everyday payments. Enabling contactless payments will be key to Europe’s economic recovery and while raising contactless limits alone won’t revitalise the European economy, it is a step in the right direction, giving consumers the confidence to spend, and providing shops, restaurants and other retailers a boost just when they need it most.”

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