September 16, 2019

Contactless Payments: the ‘Holy Grail’ of Cashless Payments?

Contactless payments with smartphones“Contactless payments” are exploding across England, which could be an indicator of an expanding global trend. According to WorldPay, contactless payments in the UK have skyrocketed 226% since this same time last year. It’s a process known as “Proximity Correlation.” It’s a contactless payment system that Starbucks has been using since 2012.

“One in three people (31%) said they are irritated by how long it can take to pay in shops, while almost half (47%) are dissatisfied with the delay in making a card payment in a bar, café or restaurant, a further 65% said they would not visit again if forced to wait a long time,” the report says.

“Consumers want convenience and contactless payment technology for both card and mobile transactions provides the ultimate consumer experience. The big issue with contactless remains the fear of fraud, and for this reason low transaction limits prevail.  The Holy Grail for consumers and merchants alike is convenience with security and not convenience versus security.” – Finextra Research News