The UK have been using the Chip and PIN method of payment for the past ten years, a quicker method of paying than the old mag-stripe cards.
Chip and PIN was introduced to allow for easier, quicker payments, with a higher level of security to minimise the high levels of card fraud associated with mag-stripe transactions.
The adoption of Chip and PIN in the UK has led to an increase in card payment totals. With low card limits on payments, many people opt to pay for small purchases by card rather than cash.
With 78.5% of transactions now made on card, your business could be missing out on profit if you’re not currently accepting card payments. If you already accept card payments, it’s important to shop around to make sure you’re getting the best deal and are not paying too much for your card processing fees.