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.Continue reading