However, I have spent the last two weeks taking RFi Group's 2015 Global Payments Evolution Study findings around the world to our clients and some of the greatest interest still focuses on the take-up and success of contactless card payments.
"Contactless is effectively the gateway mechanism by which to eventually replace cash."
Alan Shields, Managing Director, Research and Advisory, RFi
That is, now established technologies on plastic such as tap'n'go – not smart watches, mobile wallets or the more exotic devices.
The report focuses on the way consumer payments are being driven away from the traditional and into the electronic and digital realm.
RFi Group has long-promoted the fact contactless is effectively the gateway mechanism by which to eventually replace cash. We have found time and again issuers and payment networks around the world are keenly interested in how to drive greater contactless adoption and therefore less reliance on cash payments.
This 2015 Global Study explored the payments behaviour and attitudes of 32,000 banked consumers across 16 markets. The report has a strong Asian influence, with 12 of the markets covered being from the Asia-Pacific region - Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan, Thailand and Vietnam
(It is worth noting here that in China, Indonesia, India and Vietnam and Thailand the consumers were largely taken from the major urban centres.)
FIRST THINGS FIRST.
Clearly consumers need to have access to a contactless-enabled debit or credit card. When we look across Asia we find 'recognised ownership' is disappointing in many of the countries. As we would expect, Australia leads the way, however, there are still 35 per cent of Australians who either don't have or don't know they have a contactless card.
In all of these countries there is a need for further issuance and increased information/ awareness campaigns if contactless growth is to continue.