Consumers are ready for wearable payments

One quarter (24%) of Europeans expect to start using “tap and go” contactless payments with a smartwatch, bracelet, keyring or other forms of wearable payments, according to new figures from Mastercard. The figures come as The Netherlands embarks on a wearable payments trial for leading Dutch bank ABN AMRO.

  • Contactless spend on Mastercard and Maestro grew by 145% in the last year, prompting many Europeans to explore new contactless ways to pay.
  • 36% of purchases are now made contactless in the UK, whereas in the Netherlands, that figure stands at more than 50%.
  • Alongside this continued growth, barriers to using contactless have also decreased. Concerns around fraud see the greatest decrease (-24%)

With customer expectations clear and the new technology available today, the time has come to drop cumbersome methods of payment and embrace a better consumer experience through wearable payments.

Yvonne Duits, Product Owner Payments at ABN AMRO.

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