Report says Time is Right for Contactless in U.S.
The fast-paced American lifestyle will push the number of contactless smartcards in circulation in the U.S to 109 million by 2011 from 27 million in 2006, according to Packaged Facts. This represents a CAGR (compound annual growth rate) of 32.3 percent, the U.S. consultancy says in a report.
Packaged Facts says that the increasing adoption of contactless smart cards will help the U.S. catch up with the rest of the world in the use of smart cards. Excluding the U.S., 582 million smart cards are already in use worldwide, it says. ôU.S. card issuers are rapidly expanding their market presence in contactless payments, and the percentage of retailers having contactless payment systems is expected to nearly triple within two years,ö Packaged Facts managing editor Tatjana Meerman says in a statement. Total U.S. transactions for contactless cards issued by MasterCard, Visa and American Express grew by a CAGR of 700 percent between 2004 and 2006 to nearly US$15 billion, the Packaged Facts report says. The number of contactless transactions will rise from 777 million in 2006 to 2.2 billion by 2011, it predicts. Related Links
www.PackagedFacts.com
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