Visa Inc. V has announced that it processed one billion additional touch-free payments, underlining the growing consumer adaptability to the contactless form of payment, which doesnt even require to enter the PIN like before.
The company has reached this milestone in less than a years time since contactless payment limits were increased in 29 countries across Europe against the backdrop of the COVID-19 pandemic. The greatest surge in contactless payment was seen in the U.K with above 80% in-store Visa payments made contactless. Two-fifth of the total contactless transactions took place in the UK and there is further room for ample growth given the announcement that the UK contactless limit will increase to 100 later this year.
Visa is progressing with contactless payments via its Tap to Pay engagement. It rolled out this cashless mode of payment last October to digitally enable 50 million small and micro businesses. Visas Tap to Pay is the latest technological evolution in the payments space.
The method is simple, secure and quick, enabling cardholders to tap their card at a contactless Point-of-Sale (PoS) terminal to make transactions rather than 'swiping' or 'dipping' their cards into PoS terminals.
Visa worked with payments industry partners and governments to support raising contactless payments limits in markets around the world that require cardholder verification on tap-to-pay transactions. More than 50 markets across Europe, the Middle East, Africa and Canada took this step to help more individuals utilize this payment channel in the fiscal year 2020.