Smart Cities, IoT Pave Way for Cashless Society

Since the introduction of open-loop contactless payments in London three years ago, the combination of cards and mobile payments, including wearables, has reduced the cost of fare collection by 35%. London buses stopped accepting cash altogether.

1 minute read

December 27, 2017, 2:00 PM PST

By PabloValerio @pabl0valerio


Mayor Sadiq Khan

Martin Hoscik / Shutterstock

Cities and businesses in Europe are now benefiting from the simplicity and security of contactless payments. Not only are most European debit and credit cards already contactless, but in many countries the penetration of contactless payment terminals is also over 99%.

By 2020, Visa and MasterCard will require that all European POS systems accept contactless payments.

Wednesday, December 27, 2017 in Enterprise Cloud News

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