The Rise in Contactless Payments

The rise in contactless payments

The rise of contactless payments together with the EMV chip-and-pin has not accelerated fast enough as the high streets banks expected. Contactless payments are growing in popularity with travelling commuters.

Infact, some people are beginning to pay by cash so that there is no trace back to their contactless credit cards and to where they are standing at the time of making contactless purchases.

New research has reveal that more of us prefer to use hard currency that is tried and tested even though we don't have enough in our pockets - whether because our accounts are empty or because we prefer the security of coins and dollar/ euro/ pound notes.

On a case-by-case basis, some high-volume countries are still experiencing a significant rise in contactless payments volumes (Germany, for instance, with steady annual growth of 7%, while some low-volume countries (such as Italy and Portugal) are still growing only slowly.

Banks are generally the most trusted financial partners from the end users' perspective, and are arguably the players best placed today to offer a highly secured payment guarantee and associated banking services.

For banks, the imperative to remain in the contactless card market exists for various reasons, including:

  • Contactless Cards payment, as the fastest growing non-cash payment means, can provide a source of stable revenue and contribute significantly to the overall volume of non-cash payments transactions.

  • Contactless Cards are the most meaningful payment instrument for capturing and maintaining customer relationships. Cards are also the easiest payment means to export beyond domestic borders.

Today sees the limit for contactless payments rise to £30, from the previous limit of £20, in a move that's expected to deliver a new boost to NFC.

Have you made a contactless payment recently? Contactless payments are changing the way we spend money.

UK shoppers will now be able to spend up to £30 using contactless cards after the limit was increased from £20, amid a surge in people using contactless cards in the UK.

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