UK celebrates tenth anniversary of contactless payments

It’s been ten years since contactless payments were first launched in the UK. The revolutionary payment method has been adopted across the country, allowing businesses and consumers alike the ability to save time at the checkout.

Over the past ten years, more than £60 billion has been spent using contactless technology. 60 per cent of UK consumers now choose to pay using contactless technology. This is predicted to rise a further 317 per cent over the next four years.

During this time, new technological advances have allowed contactless payments to become even more accessible.

With the introduction of mobile wallets, consumers can now tap to pay using a mobile phone or smart device. The majority of smart devices now support digital wallets, with Apple PayAndroid and Samsung all providing their own variation.

When first launched in 2007, consumers were restricted to the amount they could spend on a contactless device. Maximum spend was capped at £10, allowing only small purchases to be made.

Over the years, the contactless spending limit has increased. It now stands at £30, with over half of eligible transactions made using the tap and go method. Many business owners and consumers are looking forward to further increases to this limit.

One of the business sectors taking the highest number of contactless payments is the hospitality industry. Around 90 per cent of transactions under £30 in fast food chains, pubs and bars and now made using contactless.

Accepting contactless payments is now vital for independent businesses. More than half of eligible transactions are now made using the technology.

All Handepay terminals are equipped with contactless technology. There’s no set up process, you can start taking payments from contactless cards, mobile wallets and smart devices straight away. To find out more speak to one of our friendly advisors today!

Financial disclaimer:

Terminal hire contracts are provided by Merchant Rentals Limited, who is authorised and regulated in the UK by the Financial Conduct Authority (FCA) for Consumer Hire under FRN 720500. Terminal hire can be for consumer hire and non-regulated hire contracts. Please check your contract carefully for details. Regulation of all consumer hire fall under the control of the FCA.

Handepay Ltd is authorised and regulated by the FCA for Consumer Credit under FRN 673564. Handepay is a credit broker for consumer hire not a lender.

Handepay acts as an introducer of card acquiring services on behalf of EVO Payments UK, the card acquiring service provider. EVO Payments UK is the trading name of EVO Payments UK Ltd, a payment institution that is authorised and regulated by the Financial Conduct Authority (FRN number 959332).

Existing Cards Businesses- The one-month rolling terminal hire contract from Merchant Rentals is only available to businesses that are switching from their current acquirer to EVO Payments UK arranged through Handepay.

New to Cards Businesses- The 12-month terminal hire contract from Merchant Rentals is only available to businesses that are new to card payments and wish to receive acquiring services from EVO Payments UK, arranged through Handepay.

The Next Day Banking Settlement service provided by EVO Payments UK incurs an additional fee of £4 a month on top of your acquiring service charges and fees. Provided your card machine performs a reconciliation before 12am (midnight), you’ll receive settlement of funds the next banking day.

Editorial disclaimer:

The information we provide does not constitute financial advice and might not apply to your business. Always carry out research into your business’ needs when choosing a new merchant services provider.

Sometimes, we link to other third-party websites to provide you with additional information. At the time of publication, we consider the information accurate, however, we do not have control over their content and are not responsible if any information on these websites change.

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All of the information contained on this website, including fees, services and functionality, are correct at time of publishing. E&OE.