A growing number of consumers around the world are adopting mobile and contactless payments into their shopping routine.
Sweden, Denmark and Finland were the first leaders amongst the EU, taking advantage of digital payments and phasing out the cash and check cultures. Other countries have been eagerly examining how these early adopters are rolling out payment technology and how consumers are responding. It seems Spain, already ahead in the payments movement, may just be the next in line to emerge as the upcoming generation of innovative payments, reports Banking Technology.
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Financial institutions in Spain have been looking for innovative ways to offer more value to consumers through convenience and added value through alternative payment options. Contactless payments technology is catching on quickly in Spain as merchants and customers realize both efficiency and security can be enhanced. Effortless contactless payments can serve useful in settings such as fast-food facilities, taxis, newsstands, restaurants and anywhere else that has a high volume of customers. Productivity increases and more services can be provided as the payments process is completed within seconds.
In 2012, Barcelona became one of the first contactless cities in Spain. Barcelona, a popular destination for tourists all over the world, now has one million contactless cards in use, 1,000 taxis that offer a contactless point of sale, and 40 municipal markets. The contactless payments technology is employed across over 17,000 point of sale terminals, ranging from gas stations to supermarkets and cafes.
Barcelona remained on the cusp as they became the first country in the world to introduce a contactless ATM. Customers could now easily tap their bank card on the device instead of inserting the card into the slot. The contactless ATM is still a new device that customers are learning to use. With 730 contactless ATMs now installed across the country, users will become familiar fast, and once they do waiting lines are expected to reduce by at least 30 percent.
Banks and technology providers in Spain are working hard to push mobile payments to consumers. Some have been distributing NFC stickers Tap Visa Contactless to place on the back of their phones which then converts them into NFC devices. The NFC feature mimics the card payment process, with equal security and encryption. Cities such as Barcelona are attempting to make the tap and go process ubiquitous. They are hoping “tap and go” will become habitual and cultivate a widespread contactless culture.
Read the full story from Banking Technology here.
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