The biggest reason for any establishment to accept contactless payment is that transactions are quicker, and well very few people still carry cash. We are starting to move into an era where many people only carry their mobile phone on them as a means of payment. And so you don’t want to let any potential customers slip through your fingers and pass onto your competitors that do accept contactless payments.
With the first contactless card in the UK issued by Barclaycard in 2007, we have seen the rise of contactless payment grow rapidly over the past 5 years. It was reported by The UK Card Association that over £2.5 billion was spent using contactless cards in the first half of 2015. By 2018 £69 billion was spent over the year using contactless payment. Debit card payments are the dominant form for this type of payment UK Finance said, but contactless credit cards are growing at a faster rate, up by 44% on the previous year.
Eric Leenders, managing director for personal finance at UK Finance, commented: “Many of us are now reaching for our cards or mobiles rather than cash to make low-value purchases, as customers opt for the convenience and security of paying with contactless.
Contactless technology helps merchants serve more customers at a faster pace especially during busy periods of the day ultimately providing a better customer experience. An independently compiled ‘access to cash review’ reported that cash is only used for three in every ten transactions, down from six in ten a decade ago and is forecast to fall as low as one in ten transactions within fifteen years