Mastercard has announced an initiative to create greater payment consistency by making “tap and go” standard in the next five years in a press statement on Sunday.
Starting 2018, Mastercard will require a series of card and terminal upgrades across the Middle East, Africa, Europe, Latin America, and Asia Pacific, to bring secure and convenient contactless card payment technology to more people in more locations around the world.
Today, across the Middle East and Africa, there was a 27-fold increase in contactless transactions in 2017, with the volume spent growing 18-fold.
According to the statement, by October 2018, all new acceptance terminals in the Middle East, Africa, Europe, Latin America, and Asia Pacific will have EMV chip (chip and pin versus chip and signature) and contactless technology enabled. After April 2019, all new cards issued will have EMV chip and contactless technology and by April 2023, all merchant terminals will be EMV chip and contactless enabled.
“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.