Mastercard has announced an initiative to create greater payment consistency by making “tap and go” standard in the next five years.
The next-generation digital technology delivers greater security and convenience for consumers, merchants and governments.
Beginning later this year, Mastercard will require a series of card and terminal upgrades across the Middle East, Africa, Europe, Latin America, and Asia Pacific, to enable contactless card payment technology to people in these regions.
Currently, millions of consumers are able to pay with a simple tap in over 8-million locations across 111 countries. Across the Middle East and Africa, there has been a 27-fold increase in contactless transactions in 2017, with the volume spent growing 18-times.
The demand for contactless payments is strong and growing, with 15% of all in-store purchases globally using the technology.
Recognizing the opportunity to accelerate adoption, Mastercard has established a roadmap that sets out the following requirements:
* After October 2018, all news acceptance terminals in the Middle East, Africa, Europe, Latin America and Asia Pacific will have EMV chip and contactless enabled;
* After April 2019, all new cards issued in the Middle East, Africa, Europe, Latin America and Asia Pacific will have EMV chip and contactless technology; and
* By April 2023, all merchant terminals in the Middle East, Africa, Europe, and Latin America will be EMV chip and contactless enabled.
“Our vision is a world where everyone can simply and safely tap their card or device when paying in a store and quickly be on their way,” says Ajay Bhalla, chief security solutions officer at Mastercard. “This marks a significant step towards greater consistency, security and speed for everyday payments while laying the groundwork for future innovation.”