European businesses heavily investing in contactless projects: Gemalto

More than 90% of the European Businesses across banking, retail, telco and transport firms have already invested in contactless projects.

European businesses heavily investing in contactless projects: Gemalto

More than 90% of the European Businesses across banking, retail, telco and transport firms have already invested in contactless projects, according to a survey conducted by Gemalto.

The survey, which involved 40 business decision makers across the UK (80), Germany (80) and Spain (80), predicts that 10% of all transactions across Europe will be contactless within the next three years.

Thirty percent of participants are set to launch a contactless solution through their own brand and 33% plan to partner with someone launching under their brand, the report added.

There is not yet a clear dominant payment option preferred on the market- with contactless payment cards (52%), mobile (50%), wearable devices (43%) and contactless store/loyalty cards (42%) being the current leading choices.

Half of surveyed businesses said that they will outsource the deployment of the service to a trusted partner, while 12% will outsource the entire process.

The study revealed that the top three drivers for adopting contactless solutions are faster payments (74%), being seen to innovate (43%) and cost-effectiveness (42%).

Also, 38% of the respondents said that reputational benefits make them look as market leaders, while 33% opined that it makes them look progressive in the eyes of their customers and the wider market.

Gemalto UK and Ireland senior vice president Howard Berg said: “Our survey indicates that businesses are going all in on investing in contactless which is reflective of today’s consumer demand for convenience, speed and choice.

“And this is only going to grow with new players and new form factors that offer innovative and convenient payment solutions, coming onto the market.”