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PayPoint Deploys 4,000th Contactless Payment Terminal
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UK based PayPoint has passed the milestone of 4,000 NFC based contactless payment terminals within its retail network. The PayPoint/Lloyds TSB Cardnet network accounts for half of all contactless terminals in the retail sector.
Andrew Goddard, Retail Director at PayPoint, said: "Contactless is probably the fastest growing development in the retail payments sector today. It's estimated that almost 30 million contactless cards are in circulation in the UK right now and two of the UK's major banks announced only a couple of weekago that they plan to issue over two million contactless cards to their customers in the UK over the next year.
New contactless PIN pads have been distributed free-of-charge to retailers when replacing old PINpads supplied by PayPoint, with an unchanged weekly service fee. Retailers signing up for the credit/debit service for the first time are automatically provided with a contactless PINpad.
The limit for contactless payments recently rose from £15 to £20 and transactions above these limits still require the customer PIN to be entered in the usual way.
"Many people carry very little cash on them and sales can be lost if customers are unable to pay using a credit or debit card," added Andrew Goddard. "But allowing customers to make low value payments by debit and credit card can be a disproportionate cost to retailers, so accepting contactless payments will help them reduce those costs.
"Research so far suggests that customers paying with a contactless card are more likely to make impulse purchases, which will drive incremental sales for the retailers."
PayPoint intends that its entire estate of over 7,000 retailers to which it provides a debit/credit facility with soon have contactless payment facilities.
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