Contactless payments are the UK’s preferred payment method. June saw in-store contactless transactions peak at 51%. This then rose to 52% in July. Therefore, it’s no surprise that JP Morgan Chase and Visa have just announced that they will be rolling out contactless payments to millions of their customers over the next few months. Not only is contactless a convenient way to make payments, but it can help you to keep your finances organized and under control, too.
Contactless payments are highly secure and are significantly more beneficial than carrying around physical cash, according to The UK Cards Association. Contactless providers are also constantly working to push this level of security up. A new SkimSave card has just launched in John Lewis stores which protects up to eight bank cards from being skimmed for the data on your cards. This, therefore, means that consumers can manage their cash better as they never need to worry about any of their money being stolen when they are out shopping.
A limit on your spending
Contactless payments are capped at £30. This is beneficial to consumers as this limit helps to minimize spur of the moment purchases by giving individuals extra time to consider whether they wish to proceed. A 2017 study revealed that 23% of shoppers want the limit reduced in order to help manage their finances. This demonstrates how consumers rely on contactless payments to keep their cash flow in check. And, with 48% of consumers wanting customisable contactless limits, it’s likely that organizations will soon give the public what they want. Thus, giving them the opportunity to take full control of their budget by utilising the latest technology.
Saves you money
Paying via a contactless source can save you pounds, according to This Is Money. They state that your bank balance will be healthier if you’re a regular underground traveller in London. Pay for your tickets via a contactless card and you’ll benefit from a daily cap, as well as a Monday to Friday weekly cap. Therefore, you’ll never pay more than a weekly travel cap. Meanwhile, Webcredible advises that some Starbucks chains offer a discount if you pay via a contactless card.
Contactless payments make money management easier for consumers than ever before. With strict security systems in place, a cap on your contactless spending and the opportunity to save cash, contactless payments are undoubtedly the payment of the future.