UK businesses losing out if they do not have contactless

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As usage of contactless cards has trebled, just under half of consumers (47%) expect, or would prefer, businesses to offer contactless payment for low-value transactions, according to new research from Lloyds Bank Cardnet.

Despite its relative recent introduction, over a tenth (12%) of consumers state that they do

A contactless card at POS
UK businesses losing out if they do not have contactless

not think enough retailers offer contactless and just under a tenth (9%) suggest that the current £20 spending limit is too low. However, all is not lost for those businesses that do not hold payment terminals, as four out of ten consumers (40%), say that they would still continue to shop in businesses that do not offer contactless card payment facilities. 

Of those that own a contactless card, when asked what they liked most about contactless payments, a quarter (25%) of respondents stated speed of transaction and a near identical number (24%) said ease of transaction. The least favoured element of contactless payments is security, with over a third (37%) stating this as their main dislike.

Of those that do want to use contactless, over half (57%) said that they do not want the threshold to go above £30, over a third (38%) would be keen on the contactless threshold increasing up to £50 but less than a tenth (6%) would want to increase it over £50. 

Speed and ease are clearly front of mind when looking at making contactless payments.  Of those who hold a contactless card, two thirds (68%) would still prefer a receipt for contactless payments, however, a small minority (15%) would be keen on receiving electronic receipts.

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