Younger consumers are more likely to trust contactless payments

Younger consumers are more likely to trust contactless payments

A study has shown that consumers under the age of 35 are more likely to trust contactless payments than those over 55.

The research, carried out by Future Thinking, surveyed over 2,300 UK people regarding their thoughts on contactless payments. Only 22% of under 35’s surveyed stated that they don’t trust contactless payments, never using the technology to pay, compared to 43% of over 55’s.

Contactless payment, introduced in 2007, is a fast and hassle-free way to pay for items by simply touching the reader with a card. Payment time is decreased by removing the need to enter a PIN number for each transaction, allowing consumers to ‘tap-and-go’.

Whilst some consumers may be wary of the technology, contactless payments still uses the same secure technology behind Chip and PIN, and a PIN number is required on every fifth consecutive contactless payment, to confirm that the card is still in the right hands. The maximum contactless spending limit is £30, meaning that even if a card is lost or stolen, it is impossible to spend a large sum of money.

There is still a lack of awareness surrounding contactless payments, with 14% of those surveyed still unsure as to whether or not their card was contactless-enabled.

Noreen Kinsey, Senior Research Director at Future Thinking said: “As with all new technologies there is still some reluctance towards this technology, particularly amongst older age groups, who may be further isolated as we move towards mobile pay and other tech-enabled purchase solutions.”

All of Handepay’s card terminals accept contactless payments, including Apple Pay. If your business doesn’t accept contactless, why not check out our range of contactless-enabled card machines and get a quote?