Contactless technology, which is at an accelerated pace of development, has become the most widespread form of electronic payment in Romania, ranking 5th among the top European countries in terms of the number of contactless transactions recorded in total trades made to traders: More than 2 out of 3 transactions made through Mastercard cards at merchants are contactless.
A recent study by Mastercard confirms the indisputable increase in the use of contactless technology in Romania: contactless transactions increased by 139% between January and August 2018 compared to the same period in 2017, reaching almost 70% of the total transactions made with traders.
The Mastercard survey for Europe shows that the percentage of contactless transactions made with Mastercard cards exceeds 50% in more than 15 European markets - including Romania, Denmark, Croatia, Greece, Hungary, the Netherlands, Poland and Russia.
Continuous technological advances in payments and data analysis across Europe allow countries to continually optimize their regional technology infrastructure. Consequently, each country is able to operate in a more integrated and efficient manner.
"As the latest data shows us, contactless payments continued its fulminant evolution in Romania, confirming this year's adherence to the Mastercard vision of living in a world without cash. Since 10 years ago, Mastercard has supported this transformation evolution by investing in the contactless ecosystem in Romania, which involves more than the existence of cards on the market, integrating the network of accepting contactless transactions, communicating them, and educating and training consumers with on the benefits of this innovative technology. All of these Mastercard initiatives have brought us to the point where we are today, when more than 2 out of 3 payments are contactless in Romania" said Cosmin Vladimirescu, Country Manager, Mastercard Romania.
The study also shows that European countries dramatically change their behavior regarding the adoption of contactless technology, with countries registering almost 70% contactless transactions out of the total transactions made with traders.
Many European countries embrace the cashless (cashless) economy, proven by cash withdrawal and rapid adoption rate of contactless technology.
Transport systems across Europe are one of the main areas that help increase contactless transactions, as they provide faster payouts and increased security.
In the context in which technology has an increasingly important role in our daily lives, the number of customers using contactless technology in transit is steadily increasing.
Mastercard strengthens this trend and turns contactless payments into normality for the entire continent so that by 2020 all POS POS terminals in Europe will allow contactless transactions.
These results clearly demonstrate that Romania is leading the contactless revolution, as consumers are looking for quick and convenient payment methods that they can trust.
Besides ease of use and convenience, when it comes to payment technology, consumers also look for the added benefits of security and protection.
With the increased use of contactless technology, consumers become familiar with and receive warranties about this method of payment. Thus, more and more consumers have come to the conclusion that contactless technology is as safe or safer as other traditional payment methods.