In 2007, contactless payments were introduced in the UK, allowing customers to “wave and pay” for low-value items, capped at £10 per transaction. We have since seen this limit increase gradually to reach £45 today.
With at least 135m contactless cards in circulation and the technology accounting for 9.6bn payments a year and rising, this payment solution is now part of our daily habit. However, a new change is set to boost contactless payments even further. From Friday 15th October the spending cap has more than doubled, to £100.
Contactless payments made using mobile phones are now outpacing contactless card payments and will almost double over the next two years to reach 49 billion in 2023.
To fully take advantage of this ongoing revolution, merchants and particularly retailers, need to ensure that their connectivity is up to speed, especially with the festive season around the corner. A fast connection will allow them to process payment faster, which means more revenue, but also fewer queues and a better customer experience.
Make sure all your connected devices are geared up for the Christmas season. Contact us on 03456 200 200 or info@2circles for a free audit of your in-store WiFi and broadband, or IoT/M2M system.
"Contactless payments have become increasingly popular" "The higher payment limit offer customers greater choice about how they pay for things, from the weekly shop to a tank of fuel." David Postings, CEO at UK Finance