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Tue, 28 Jul, 2015 12:01:36 AM FTimes – STT Report, July 28  Photo – Lehtikuva. The use of contactless payment has risen at a fast pace in a year’s time, revealed banks in the country.
According to Nordea bank, there has been an explosive growth in the use of the payment mode in the past year.
There were 143,000 contactless card payments in June, whereas a year ago in January, the payments stood at only 2,000.
OP Pohjola bank has also confirmed the rise in popularity in the use of the payment method. Still, contactless payment forms only a fraction of the cards in circulation.
In May, OP Pohjola bank embarked to distribute credit/debit cards with contactless feature.
Previously, the contactless feature was added to Debit and Visa Electron cards in connection to their renewal.
Nordea Bank will launch the MasterCard credit/debit card in autumn.
Shops have warmed up to the development. For instance, in Lidl supermarket chains, thousands of purchases from contactless payments are currently made every day.
“In all, it is a small proportion, because banks have not accounted for all the credit/debit cards in circulation which have contactless feature. The majority of Finns have debit/credit cards,” said Sami Pyykönen, the administrative director of Lidl Finland.
Contactless payment card can be used for secure payments to make purchase of a maximum of 25 euros and does not require the entering of a pin number.
To customers and staff, the increased use of contactless payment translates to faster-moving queues.
Besides Lidl, contactless payment is accepted at Suomen Lähikauppa, Kesko and Alko outlets, whereas S-Group is just introducing the system.
Stockman began the trial of the system in the midsummer.
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