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Mobile Payments Supporting Europe's Move to A Cashless Society
Source: | Author:HUARUI | Published time: 2018-12-07 | 3746 Views | Share:
In a number of European countries, consumers have rapidly adopted contactless payments. Some banks, retailers and transportation companies have already gone completely cashless, no longer accepting cash at their branches or at the POS. In many countries, making face-to-face payments using a smartphone instead of a card is the next step in the path to a near-cashless society.

The European Central Bank (ECB) considers NFC-based mobile payments among the most promising payment methods for consumers. Suppliers are making consistent investments to update their NFC hardware and merchants are installing contactless points of interaction based on NFC technology.

NFC payments are expected to increase as more consumers adopt the technology. Management consulting company Arthur D. Little estimates that global NFC-enabled smartphone penetration will increase from 23% in 2014 to 72% in 2018.

OUTLOOK: MOBILE PAYMENTS WIDELY AVAILABLE IN EUROPE BY 2020

While payment cards are widely used in Europe, contactless mobile payments are not as popular—as noted earlier, only 3% of in-store payments in Europe were conducted via mobile phone in 2015. Despite the current low mobile payment penetration in Europe, payment system providers are rapidly introducing the infrastructure and secured systems needed to enable mobile payments.


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HRET: We have provided custom service for more than 1000 customers abroad. They are the platform operators, banks, lottery operators, technique companies and even governments organizations. HRET devote itself to international rating class banks, lottery centers, tourist halls, hotels, ticket offices, restaurants, retails and many other customizations for different industries. 

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