Contactless Payments

About Contactless Payments

Contactless payment cards were first introduced in the US by JP Morgan Chase in 2007 using technology from Visa payWave and MasterCard PayPass. The UK adopted contactless rapidly, with Transport for London accepting contactless on buses in 2012 and the Tube in 2014. Australia had the highest contactless adoption rate, reaching 90 percent of card transactions by 2020. The COVID 19 pandemic accelerated contactless adoption globally as consumers sought touch free payments. Contactless payment limits were raised in many countries to reduce PIN entry. Apple Pay, launched in 2014, and Google Pay brought contactless to mobile phones. The decline of cash accelerated with contactless adoption, raising concerns about financial inclusion for those who rely on cash.