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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Verifone Installation Exam Passed

A massive congratulations to our IT Support and Install Technician Tommy for passing the Verifone installation accreditation exam which now certifies him to carry out Verifone installations.

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The Rise of Contactless Card Payments

Contactless payment has now been around in the UK for several years, first being introduced by Barclaycard in 2008 and 5 years later there were approximately 32.5 million contactless enabled cards in the UK and over 147,000 terminals in use. Initially this technology was in the background of payment methods in retail but now in 2015 it is rising to become a mainstream part of retail payment methods with 51% of all contactless payments being made in the retail sector.

Contactless for retail is maturing and fast becoming a very popular payment method within the UK. The most appealing reason for retailers to implement contactless payments is that it enables quick and convenient transactions. Continue reading