Contactless payment remains a mystery to 95% of consumers
Only 5% of consumers are using contactless payment options in the small number of stores where it is available, according to a new survey.
The research conducted on behalf of Vista Retail Support found that more than one third of retailers (37%) believed that a lack of awareness was the main factor holding back consumer take-up, though 30% recognised that end-customers are still concerned about the security of contactless transactions.
Richard Olds, CEO, Vista Support explained: “There has been much hype around contactless payment methods as the ‘next big thing’ in retail. Yet these results confirm that there is a major awareness programme to be undertaken before consumers understand and have confidence in what contactless can offer.”
The research looked at the business impact of cashless payments on major high street retailers, independents and providers of leisure and other services to UK consumers. Fewer than one in five retailers (18%) were found to have some form of contactless payment system in place and 38% had no plans to offer customers this option for their goods or services.
Never Miss a Retail Update!The main reasons for this were shown to be financial, as 45% required new commercial models to make contactless more attractive. Olds added: “A further 25% want the current transaction limit, recently increased to £20, to be raised to a level which makes the technology investment worthwhile for them.
“This contrasts with the fact that, unlike their customers, only 15% are still concerned over transaction security.”
