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British shoppers are now favouring contactless for day-to-day payments
New research from Barclaycard as part of its quarterly Contactless Spending Index has found that contactless payments have continued to surge in popularity with spending via this payment method up a third since January.
Over the last 10 years, since Barclaycard introduced contactless technology, contactless has grown to become the preferred way to pay for British shoppers. The current contactless limit is £30 per transaction and 51% of transactions within that range are paid via contactless technology.
Contactless has many benefits as it is quicker and easier to use than Chip and Pin, taking seven seconds off the time it takes to make a transaction, and some argue that it is safer too. The UK Cards Association (UKCA) backs up this research and contributed the doubling in use of card payments over the last 10 years to the introduction of contactless.
The North of England and the Midlands have increased their use of contactless more than anywhere else in the UK particularly in Derby, Chester, Newcastle upon Tyne and Coventry where use has grown between 42-45%.
Although contactless payments have grown at a rapid rate over the last ten years, payments via mobile phone are starting to catch up with the amount spent by Barclaycard’s Android Contactless Mobile app users growing by 90% so far this year.
With contactless payments becoming more and more popular and starting to make up the bulk of the way we pay for goods and services, we’ve put together five facts and tips regarding contactless payments.
- You can use contactless technology in a range of ways to pay for items, you can use your bank card, key fob, smartphone or a wearable device. To tell if your bank card is contactless, it will have a wave symbol on the front.
- Contactless payments are regarded as highly secure with cards and terminals fitted with layers of anti-fraud technology and information transferred between terminals is secure and difficult to intercept. However, if you do lose your contactless card, get in touch with your bank as soon as possible to cancel the card before payments can be made in this way.
- It is highly unlikely that you will be charged twice for one transaction as payment terminals have been designed to prevent you paying for the same item(s) twice.
- When contactless was first introduced, many people were worried that just walking past a terminal would charge your card but this is very unlikely as your card needs to be between 2cm and 10cm away from the terminal for a payment to be processed.
- If your card is stolen or there is any fraud, it should be picked up and your bank’s anti-fraud team are likely to get in touch with you. You are covered by Payment Services Regulations if money is taken from your account but you may be liable for the first £50 of money taken before you reported the card as missing/stolen however some banks do waive this.
For more information regarding contactless payments, visit the Money Supermarket blog which answers everything you need to know. For questions, queries or if you think your card has been stolen, get in touch with your bank as soon as possible.