Contactless payment has become one of the fastest adopted payment technologies in Visa’s history.
Visa attributes the success of the technology to its relationship with major brands such as McDonalds which have helped it to develop acceptance locations in over 20,000 locations across the US. To date four million Visa-branded contactless payment cards have been issued worldwide, underscoring society’s continued migration from cash.
Visa expects the number of contactless acceptance locations to grow significantly in 2006 as more national merchants in the quick service, convenience store, movie theater and gasoline industries start deploying terminals.
Elizabeth Buse, executive vice president for Visa USA explained the company’s intentions for the technology. There has been strong momentum for Visa Contactless and small ticket solutions from Visa this year. This momentum will continue in 2006 and beyond. The cash payment market opportunity is $1.2 trillion, and contactless will help drive the migration from cash to electronic payments.