Are you contactless?

Traditionally, people have paid for things with what are now deemed old fashioned payment methods such as cheques – or good old cash! But nowadays, it is the rise of the contactless payment that is driving a new way of paying for goods and services.

What is contactless?

Well for those of you that don’t know, ‘contactless’ cards are either debit or credit cards that you simply tap on a payment device allowing you to pay for things up to £30 in value without having to either sign for them or enter your PIN number. And they are clearly here to stay.

Recent data issued by The UK Cards Association show that in November 2016 there were nearly 102 million contactless cards in circulation in the UK which represents an increase of nearly 27% on the same month in the previous year.

The data also goes on to show that spending on these cards now exceeds £2.3bn per month- up 183% year on year with over 324 million contactless transactions being made whilst the average transaction value was just £8.95.

Are they safe?

The card issuers themselves are understandably at pains to point out that they are a very safe way of making payments for goods and services - they say that fraudulent transactions are low at around 1p per £100 spent.

Usage amongst older people on the rise

According to recent data from Barclaycard, there has been a huge increase in contactless payments among the nation’s ‘silver spenders’. Britain’s over 60s are taking to ‘touch and go’ payments in their droves with the number of users up 11%, more than any other age group.

While traditionally slower to adopt new technology than younger generations, when it comes to contactless, the UK’s over 60s are well and truly bucking the trend.

Clearly, the issues surrounding fraud and safety are gradually being overcome – and let’s be clear about this – the trend in usage is only going to go one way – and that is upwards.

What’s your experience of contactless cards? Do you embrace them or are you afraid of them? Email us at: news@oddfellows.co.uk.