Mastercard has detailed a new initiative to create greater payment consistency using “tap and go” standard in the next five years.
Starting in 2018, Mastercard will require a series of card and terminal upgrades across APAC, Europe, Latin America, Africa and the Middle East to bring secure and convenient contactless card payment technology to more people in more locations around the world.
Noticeably missing is the North America – a popular destination among Asian tourists.
The speed of contactless payments, coupled with its dynamic EMV grade authentication protecting against fraud, is transforming everyday commerce and benefiting merchants and consumers alike.
It also helps issuers by increasing card usage and displacing cash, and powers unique use cases for governments like public transportation in some of the world’s biggest cities.
Although no details were provided, Mastercard said the changes underway ensure that consumers, merchants and governments around the world will be able to take advantage of next-generation digital technology which deliver greater security and convenience.
First published in Fintech Innovation