Mastercard has announced an initiative to create greater payment consistency by making ‘tap and go’ standard in the next five years.
The changes underway ensure that consumers, merchants and governments around the world will be able to take advantage of next-generation digital technology which deliver greater security and convenience.
Beginning later this year, Mastercard said it will require a series of card and terminal upgrades across the Middle East, Africa, Europe, Latin America, and Asia Pacific, to bring secure and convenient contactless card payment technology to more people in more locations around the world.
“This move means that every cardholder will be able to “tap” their card or device to pay, in these regions and every day,” it said.
Mastercard said that millions of consumers are already able to pay with a simple tap in over eight million locations across 111 countries. “Across the Middle East and Africa, there was a 27-fold increase in contactless transactions in 2017, with the volume spent growing 18x.”
It said that the demand for contactless payments is strong, with 15% of all in-store purchases globally using the technology.
Mastercard said it wants to speed up the adoption process and has established a roadmap that sets out the following requirements:
- After October 2018, all new acceptance terminals in the Middle East, Africa, Europe, Latin America and Asia Pacific will have EMV chip and contactless enabled;
- After April 2019, all new cards issued in the Middle East, Africa, Europe, Latin America and Asia Pacific will have EMV chip and contactless technology; and
- By April 2023, all merchant terminals in the Middle East, Africa, Europe, and Latin America will be EMV chip and contactless enabled.