Contactless payments grow in popularity in Slovakia

Contactless payments grow in popularity in Slovakia
By bne IntelliNews September 3, 2020

Contactless payments via banking cards and mobile phones are seeing ever-increasing use in Slovakia, according to the latest statistics published by the Slovak Banking Association.  

By the end of June this year, the number of payment cards issued increased by 99,247 to about 5.33mn. More than 142mn transactions were carried out, worth a total of €6.57bn. 

In 6M20, 7.2mn payments worth a total of €164.2mn were carried out via mobile phones, up from 1.3mn payments worth €26.8mn a year earlier. 

“The growth in the number of mobile phone payments, which increased y/y more than fivefold, is driven mostly by the fact that it's a relatively new service, offered by more banks now than in the past. The growth potential has partially benefited also from the coronavirus crisis,” said Slovak Banking Association analyst Marcel Laznia, quoted by the Slovak News Agency. 

According to Laznia, there is still growth potential for mobile phone payments. “For comparison, the number of transactions carried out with contactless payment cards is fourteen times higher than those made by mobile phones,” he added.