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Barclays Claims One Million Contactless Payment Transactions Per Month
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UK retail bank, Barclays says that over 80 percent of the British public now recognise the symbol for contactless payments when displayed at retail outlets.
Barclays has been running contactless payment trials for several years, and payments by that method have now passed one million transactions per month.
The research highlights a shift in consumer spending preference, with 61% of people saying they preferred using cards over cash to buy items up to £20.
Donna Dawson, a behavioural psychologist commented: "There are connected issues at work - habit and fear. We've been using coins since 600BC, which is a tough habit to break. Because of this, different ways to pay have the shock of the 'new', and if we have no experience of something, we fear it. Increased recognition leads to a significant trend developing, and represents the breakthrough of a psychological barrier. So the fact that we're witnessing this with a technology which is only five years old compared to centuries of cash is remarkable."
One hurdle for the adoption of contactless has been a perception that the technology wasn't safe. 75% of people didn't know that contactless, like all card payments, are insured against fraud. When told that this was the case, more than four in ten said they would be even more inclined to use the technology with fewer than one in ten still having concerns.
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