Eight million contactless payments are now made every month, despite initial concerns about security. So what are contactless cards, how safe are they and what are the advantages to using them?
Contactless cards, which allow customers to pay for goods without using a pin number, have been in in use the in the UK for a number of years now.
One of the issues in the UK has been concerns over security and the safety of these contactless cards, but how many of these concerns are valid and how many are misconceptions?
Did you know for example that even though it takes a lot less time for transactions to be processed, the banks promise to reimburse any money that is unlawfully taken from your account in the case of a card being stolen?
Contactless card payments are certainly one of the big technological advances of the decade so far, with usage rising fivefold since 2012 and the number only set to increase further. From the public’s point of view it seems both access and reassurance are both key factors in further growth with a recent survey released by Visa highlighting that almost a quarter of consumers would be more likely to use a contactless card if they were sent more information by their banks and if more shops had contactless terminals to pay at. So, is it simply the case that with familiarity comes greater confidence?
Futurologists point to a world without notes and coins in the next 20 years and with counterfeiting rates continuing to rise perhaps it’s high time we caught up with technology. Even though 1 in 6 of us believe that it’s just a matter of time before all transactions are made via a form of contactless payment, more than half of people currently still opt to pay by cash, in spite of the fact that almost 20% of people have experienced cash being stolen from them – more so than any other form of financial theft.
So what is the future of money and how will contactless cards play a part in that future? Watch our video to find out more and to hear about contactless card safety and what advantages they present.