Out of touch? The increasing importance of contactless payments

Contactless payments are becoming a lot more common; the spending limit on single transactions has been raised once and will be raised again soon. How will this affect retailers, and what should you do to help your customers feel secure while using contactless payments?

We’ve written in several recent blogs about the increasing role that debit and credit cards have been playing in making payments. Where cash was once the most popular method of paying for goods and services, it now accounts for less than a quarter of all transactions. Cash only made up 23% of payments in the UK in 2019, while card payments accounted for 51%. In contrast, only a decade earlier, cash accounted for 60% of all payments. On top of this, 72% of people are now using online banking. It has even reached the point where many businesses are opting to accept card payments only, and completely abandon the use of cash.

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Cashing up for the last time? The benefits of becoming a cashless business

Paying for items in a shop using a cheque was once commonplace. Gradually fewer and fewer businesses allowed customers to do this, and now it is almost entirely unheard of. Could it be possible that cash will go the same way? At one point, cash was practically the only way of paying for goods and services, and there was a time when many businesses would only accept cash payments. Now though, it seems like cash payments might be dying out.

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On the cards: How to ensure that your business can process card payments securely and reliably

Dojo powered by Paymentsense card reader

In 2017, the UK passed a significant milestone. It was during this year that debit card payments overtook cash payments for the first time, with consumers using their debit cards 13.2 billion times, including 5.6 billion contactless payments. Since then, this trend has only continued, and cash payments are projected to keep on falling for the foreseeable future. By 2028, it is predicted that cash will only account for 9% of transactions.

This is incredibly significant for retailers, big and small, online or offline. With card payments becoming more and more common, and payment apps like Apple Pay and Google Pay growing in popularity, it is absolutely vital that your business can handle these in an efficient, secure and reliable way.

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