In the next 5 years, MasterCard will make tap-and-go standard, increasing payment consistency.
The initiative aims at making the next-generation digital technology available to consumers, merchants and governments worldwide, offering them a greater security and convenience.
“Our vision is a world where everyone can simply and safely tap their card or device when paying in a store and quickly be on their way,” said Ajay Bhalla, Chief Security Solutions Officer at Mastercard. “Today marks a significant step towards greater consistency, security and speed for everyday payments while laying the groundwork for future innovation.”
Cards and terminal upgrades will begin later this year across Europe, Latin America, Asia Pacific, Africa and the Middle East, increasing the coverage of safe and convenient contactless card payment technology.
In those regions, every cardholder will be able to “tap” their card or device to pay every day.
Globally, the demand for contactless payment is steadily growing, as 15% of all in-store purchases globally are made using this technology.
MasterCard has established a roadmap for the upcoming implementation:
- After October 2018, all new acceptance terminals in the targeted regions will feature an EMV chip and contactless enabled.
- After April 2019, all new cards issued in the targeted regions will feature a EMV chip and contactless technology.
- By April 2023, all merchant terminals in the targeted regions will feature an EMV chip and contactless enabled.
Photo credit: MasterCard