Consumers across Asia/Pacific are embracing contactless payments, with the number of unique contactless users growing by 49% in 2014, according to MasterCard.
Australia leads the way with nearly two-thirds of all MasterCard in-store transactions being contactless. MasterCard Australia also experienced a 45% growth for unique tappers between 2013 and 2014.
Singapore is fast gaining on Australia. MasterCard Singapore recorded an all-time high for contactless payments, driven by the number of MasterCard contactless users in the country, which more than doubled in 2014 compared to 2013. As of December 2014, one-third of supermarket transactions are contactless.
Hong Kong has also seen the benefit of a strong marketing push with the growth of contactless transactions more than quadrupling in 2014 YoY.
New Zealanders are increasingly using contactless technology. MasterCard research cites that eight out of ten of users say it’s because the technology saves time (62%) and is convenient and easy to use (58%).
Raj Dhamodharan, MasterCard’s Group Head of Emerging Payments in Asia/Pacific said: “The rapid growth in contactless and mobile payments is expected to continue given there is just so much cash that needs to be displaced in the region.”
Predominantly cash-based in the past, developing markets have had a definite shift to new payment technologies, with mobile Point of Sale (mPOS) being one of the key drivers across Asia/Pacific in 2014. In short, mPOS technology enables merchants to convert their smartphone or tablets into a terminal to accept payment cards.