CREDIT CARDS
Contactless Credit Cards Spread Across the Country
Latest figures show the popularity of contactless payment technology in the UK is rising as the total number of transactions this year reaches over a million.
Barclays’ research has shown since January there has been a 217 percent rise in monthly contactless transactions and in September alone there were 150,000 processed.
There are now 42,500 payment terminals in shops across the UK for contactless card users to take the opportunity to make purchases under £15 more quickly and easily.
“At a time when every penny counts for retailers, contactless helps boost customer satisfaction and reduce queue abandonment,” said Stuart Neal, Barclaycard payment acceptance head.
The number of contactless card holders is predicted to reach 12 million in the UK by the end of the year.
“The range of retailers offering contactless payments has grown significantly, from supermarkets, to restaurants to coffee shops all offering contactless as a quicker and easier option,” added Dan Wass, Barclays’ currents accounts director.
“Contactless offers a real alternative for traditional cash transactions.”
Barclaycard and Barclays’ research reveals that shoppers are less inclined to wait in queues as two fifths of us refuse to wait for longer than two minutes.
Furthermore, two-thirds regularly abandon purchases due to long queues and 51 percent of shoppers refuse to even enter a store if they see a queue.
Compare Credit Cards
The contactless payment systems have been shown to reduce transaction times by over a third in comparison to cash as the average transaction has been worked out to take just 12.5 seconds.
Contactless credit cards are a good way to save time, however, they also limit the amount a customer can spend when entering a store which could help budgeting or prevent overspending.
Another good way to ensure you do not get into debt with a credit card is to use a prepaid credit card instead.
Tags: bad credit credit cards, bank account, BANK ACCOUNTS, basic bank accounts, Card One Banking, Cashplus, charity credit cards, compare credit cards, compare prepaid cards, compare prepaid credit cards, contactless credit cards, credit card, credit card fraud, CREDIT CARDS, debit card spending increases, FairFX, fairfx anywhere card, free travel money cards, natwest, PREPAID CARDS, prepaid mastercard