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The rise of contactless payments in British business

 

 

Believe it or not, contactless payments have been around for an entire decade.  Initially, consumers and businesses were a little slow to adopt the technology with many citing concerns over fraud.

How things have changed. 

Now everyone from music festivals and even churches have begun to offer contactless payments, and the public seem to be over their initial wariness.  Thanks to this snowballing popularity, cards now account for more than half of retail purchases, and contactless payments themselves are now about a third of all card payments. 

It has been suggested that tapping a card removes the stress of having to part with cold hard cash.  What do you think?

It’s not all good news however, as the Bank of England accused the contactless technology of helping to increase the recent growth in consumer debt.  Is it possible to make spending money too easy?

So what’s next?  Sweden is expected to be entirely cash-free by 2030, but the chief cashier at the Bank of England thinks it’ll take us a while before we’re in a similar position   “Cash is very much alive and kicking,” she said.

To read the full article on The Guardian website, click here.

If we can help your business with its payment policies, please Contact Us.  We’re always happy to help.

 

   

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