EMV contact and contactless payments account for over 90% of all cashless transactions on Nayax LLC devices in the U.S., according to a press release. Additionally, less than 10% of transactions are magnetic stripe (swipe), when operators are given the choice.
Nayax has also seen a growth in contactless transactions (NFC mobile payments and EMV tap cards) from less than 1% in 2017 to over 20% in 2021, as consumers embrace the tap-and-go process.
EMV contact (card insertion) transactions also spiked during that period, Nayax observed, jumping from 2.5% in 2017 to 70% in 2021.
All in all, 61% of all transactions on Nayax devices during this period were cashless, showing an increased payment preference over cash.
Per Visa's contactless requirement, as of April 13, 2019, "all terminals at U.S. merchant locations that accept contactless payments must actively support EMV contactless chip functionality and the legacy MSD contactless technology should be retired." Nayax noted in the press release.
"While swipe transactions are supported, and available for use on our VPOS and VPOS Touch devices, we see consumers overwhelmingly choosing to pay via EMV contact and EMV contactless on equipped unattended retail machines, which is aligned with consumers' brick and mortar retail payment preferences," Carly Furman, CEO of Nayax LLC, said in the press release.
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