Visa Europe has exceeded expected targets for adoption of NFC services by its customers.

The finance giant has posted increased revenues from the rapid adoption of NFC services including digital wallet applications and contactless payments, driven by uptake of smartphone technology.

Visa has recorded that contactless transaction payments has grown from £96.7 million in 2012 to to £461.6 million.

The higher than expected NFC adoption rates have led Visa to predict that mobile devices will account for 50 per cent of transactions by 2020.

The high street is currently moving to adopt the technology with Marks & Spencer and Starbucks rolling out NFC payment technology.

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