Tech

Contactless payments surge in cash-loving Germany, Austria and Switzerland

More than three-quarters of cashless transactions in Germany, Austria and Switzerland are contactless payments, a significant recovery from just 40% before the pandemic.

The Duck region, which until recently relied heavily on cash and invoices, has experienced a dramatic shift in contactless payments over the last two years.

In June 2019, the overall adoption of contactless payments in the region was only 40%, according to payment processor net figures. Currently, the average non-contact rate is 77% in Germany, 82% in Austria and 80% in Switzerland.

Robert Hoffmann, CEO of Nets Merchant Services, said: “The pandemic has significantly accelerated the trend of steady growth in the Duck region. It would have taken years to reach today’s location.”

Due to this high level of contactless payments overall, the Duck region is at the same level as the Nordic countries. Despite being a highly digital society, the Nordic countries have seen a significant increase in contactless payments over the last two years. In January 2020, the average adoption rate for contactless payments in Northern Europe was 56%. This has grown to 75% by January 2021. Extreme growth has been seen in Norway, with contactless payment adoption at only 35% in January 2020, rising to 79% in January 2021.

The upward trend is expected to continue, Hoffman said, and the new generation of SoftPOS transactions is pushing contactless payments to the forefront for merchants of all sizes.

“The increasingly customer-centric product and solution development process means that payments will continue to be smarter and more digital,” he says. “Will the new SoftPOS solution, which allows consumers to pay via mobile apps, ultimately see magnetic stripes and EMV contact chips that are only used in exceptional cases of cashless payments at checkout? , Completely disappears. The future of payments is non-contact. ”

Contactless payments surge in cash-loving Germany, Austria and Switzerland

Source link Contactless payments surge in cash-loving Germany, Austria and Switzerland

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