According to the report, ‘Contactless Payment Cards: Market Prospects 2013-2018’, released by UK-based research firm Juniper, growth in usage will initially be driven by early adopter markets such as Australia, Canada, Poland and the UK. In the medium term, user numbers will be enhanced by substantial take up in the US following the mandated transition from magnetic-stripe cards.
The report revealed that growth in the UK had been bolstered by ticketing as well as retail usage, with more than 3.5 million London bus journeys paid for via contactless payment cards since November 2012. It also highlighted the strong retailer proposition offered by contactless, with reduced cash handling and increased customer retention allied to an opportunity to use contactless as a mechanism for greater consumer engagement in the form of loyalty cards.
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