NFC TIMES Exclusive Insight – Banks in the Czech Republic say they are seeing significant and growing use of NFC-enabled smartphones and wearables, ranging from 6% to nearly 25% of all contactless payments–three banks told NFC Times–although a large majority of consumers continue to tap their contactless cards, not NFC devices, for in-store payments.
The growing adoption of NFC wallets in the Czech Republic is noteworthy because it is happening in one of Europe’s premier contactless hotspots, where at least 70% of in-store card transactions are contactless, according to the European Payments Council. Around 90% of merchant POS terminals in the country are enabled and active for contactless payments, estimated UK-based research firm GlobalData.
A spokeswoman from Moneta Money Bank, which ranked as the sixth largest bank in the Czech Republic in terms of revenue in 2017, told NFC Times that only around 6% of the bank’s contactless payments are coming from NFC smartphones and wearables. The rest are from the bank's contactless cards.
