There are now more than 40 million contactless cards across Europe, according to figures issued by Visa. And the London 2012 Olympics, for which the company was the official payment services provider, has been key in driving up transaction rates.

The number of contactless payments was six times higher than in the same period during 2011. The Olympic Games accounted for 15 per cent of transactions in the UK. These payments accounted for one in six sub £20 transactions across London 2012 venues.

Meanwhile, Visa estimates that by 2020 half of all transactions over its network will be through a mobile device. "We recognise that the journey is a marathon, not a sprint, and we will continue to work with all our partners in the new world of payments," says Mark Austin, head of contactless at Visa Europe.

The company's PoS network for the 2012 London Olympics delivered more than 3,000 contactless and electronic payment card PoS terminals across the Olympic and Paralympic Games venues. Through its partnerships with Samsung and Lloyds TSB, Visa Europe also showcased live mobile payments during the Games.

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