Rise in popularity for contactless payments
Barclaycard’s data reveals that ‘touch and go’ contactless payments are now Britons preferred way to pay for transactions of up to £30.
The ease with which a contactless payment can be made has driven its popularity with the public, while retailers see it as a convenient, secure and practical alternative to other forms of payment.
The popularity of contactless transactions has grown steadily over the last decade or so. Data from the UK Card Association suggests that the number of such transactions has doubled over this period. Over coming months and years, we can expect to see this pattern continue. Consumers are increasingly using the plastic in their wallets and purses – and which is, increasingly, uploaded onto their mobile ‘phones – to make payments. This is being encouraged by both retailers and banks, which are seeking ways to lower the costs of handing payments, notably cash. But it should also be remembered that there remain plenty of people in Britain who exhibit traditional payment behaviours. In the case of notes and coins, many like the fact that they remain universally accepted, make transactions anonymous and cannot be overspent.
At Fujitsu, we expect contactless payments to be an increasingly important feature in the British payments landscape. However, we also suspect that other parts of Europe, such as the Nordic countries where the move towards electronic transactions is happening particularly quickly, will be the ones that set the pace in moving towards a cashless economy.