What even are contactless payments? How does financial information get from your credit card to the reader? Contactless payments can be a concept that is hard to comprehend, and when we don’t fully understand something – particularly when it comes to our financial information – it can make us feel vulnerable. So, how do contactless payments actually work?
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Almost half of transactions are now contactless in Europe, recent research by financial services giant MasterCard has found. Consumer adoption rates for contactless methods are consistent across the continent with a 97% upswing in contactless transactions so far this year, MasterCard reports.