Consumers can now spend a maximum of £30 using contactless payments, a rise from a previous limit of £20.
Data released by The UK Cards Association (UKCA) shows that in the first half of 2015 a total of £2.5bn was spent using contactless payments, which has surpassed the total £2.32bn seen in 2014.
The UKCA have indicated that the rise is the result of consumer appetites and the increasing popularity of using this form of payment. Retailers are also adapting their behaviours and are increasing their offering to allow people to use this flexible and simple form of payment – there is more opportunity for consumers to use this functionality in their day-to-day lives.
Richard Koch, Head of Policy at The UK Cards Association, said: "Contactless has now firmly stepped into the mainstream. With usage soaring every month last year, we’ve seen people flocking to contactless payments as they switch away from cash. For retailers, contactless means quicker queues at the tills and greater convenience for their customers."*
However, some retailers will need to consider their options and possibly integrate relevant systems and software’s to support the new developments. Implementing such systems can be a costly consideration and investment in EPoS units can cost anything upwards of £2,000, with more sophisticated technologies potentially running into tens of thousands of pounds.
LDF understand that such EPoS considerations can be a costly expenditure and can provide solutions to assist in spreading this cost, with options to upgrade equipment, as required. To find out more about how LDF could assist you, please make an enquiry.