As contactless technology approaches its tenth anniversary, a sharp increase in use is predicted.
A new study has revealed that the number of contactless payments made in the UK is expected to grow by over 300% in the next four years.
It was also found that business owners who accept contactless payments experience a surge in sales. Those surveyed stated that their sales had increased by 30% thanks to contactless technology. Due to this, 40% of retailers either no longer accept cash or are considering transitioning to cashless, in the next five years.
Not only are there benefits to retailers, but it was revealed that contactless technology is saving UK consumers time.
An average contactless transaction is around seven seconds quicker than paying by Chip and PIN. It’s estimated that by 2021, paying using the tap and go method will save consumers 141 million hours.
The contactless spending limit has been £30 since September 2015, but business owners are ready for this to increase again. Over a third of those surveyed would like it to be raised to £50, while 20% want to be able to accept contactless payments of up to £100.
Last month, it was revealed that rapid contactless technology adoption was behind an increase in debit card use. This allowed card payments to overtake cash as the most popular payment method for the first time ever.
With the introduction of mobile wallets, such as Apple Pay, contactless payments became more accessible. Businesses who accept these mobile payments are less likely to miss out on sales, as consumers can make payments using their smart device.
If your business doesn’t accept contactless payments, you could be missing out on sales! Every Handepay card terminal is equipped with contactless technology as standard, allowing you to accept payments from contactless cards and smart devices.
Speak to one of our friendly advisors and find out how accepting contactless payments can help you to increase sales!