You can’t avoid it, go into any leading retail shop and you will most likely see the logo “contactless payments accepted here” emblazoned near the checkout. Late last month, it was confirmed that contactless payments are now more popular than the traditional Chip & PIN method when customers come to pay for goods.
Contactless payments overtake Chip & PIN
An extensive report which was produced by merchant acquirer giant Worldpay said it was the first time “pay and wave” had overtaken Chip & Pin payments. Back in June of this year, Worldpay have advised that a little over half (51%) of in-store card transactions were contactless, which then rose by a further 1% to 52% the following month in July. The analysis released by the merchant giant also went on to add that the popularity in contactless usage, had jumped about 30% in stores between the June 2017 and June 2018.
Popularity in contactless technology
It has become quite the focal point in the payment industry in the last few years, and the popularity of contactless has risen untold in recent years which has been helped with the advances in technology and also saw the current contactless limit increased from £20 to £30 back in 2015.
The analysis data went on to state that fashion retailers have seen a big swing from the traditional Chip & PIN to contactless. Two other areas that have seen similar switches and significant increases were department stores and betting shops. It also identified that there had been a sharp rise in people making contactless payments using their mobile phones in Northern Ireland.
Many still view contactless payments as the traditional pay and wave method, but there is so much more than this. Contactless technology has provided convenience to business owners and consumers alike, whilst also supporting businesses during peak trading periods.
What are the options for contactless devices?
Aside from contactless credit card machines, consumers also have the option to make payments using other technology such as smart watches or smart phones. If you are unsure whether your card is contactless enabled there is a very simple way of checking. A contactless card will have a logo of four distinctive bold lines resembling a “wave symbol” If your card doesn’t display this, the chances are your card isn’t contactless ready.
Contactless devices outside card machines
Contactless payments aren’t just restricted to traditional card machines available or bank cards, but the technology has now advanced to other areas too. These include:
- Key fobs
- Fitness trackers
- Mobile phones
What are your thoughts on contactless payments, how have they revolutionised your business? What trends have you seen? We’d love to know your thoughts on the matter. As ever please get in touch or comment below.