Banking News

Visa Hits Contactless Payments Milestone

Visa Hits Contactless Payments Milestone

(7 April 2021 – Europe) In less than a year since contactless limits increased across Europe, Visa has hit a processing milestone of one billion additional PIN-free transactions.

The growth of contactless has been a key trend during the pandemic, with touch-free payments seen by the public and merchants as a means of minimising the risk of Covid-19 transmission.

Charlotte Hogg, chief executive officer, Europe at Visa, comments: “The demand for touch-free payments indicates that contactless has become the norm for European consumers and retailers.”

Growing demand for contactless transactions is evident across Europe, with over 80 percent of in-store Visa payments now contactless. In France and Germany, the number of contactless transactions has increased by two thirds and almost half respectively year-on-year, according to Visa.

Of the one billion transactions, 400 million took place in the UK, with further growth expected as the contactless limit is lifted to £100 later this year.

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