61% Opt For Cards Over Cash For Small Purchases
Over the past few months there have been various polls gauging consumer attitude towards forms of contactless payment, showing a general polarisation of opinions. However, UK consumers seem to be feeling increasingly comfortable when it comes to contactless payment, especially for smaller sums of money, according to a new survey from Barclaycard.
The credit cards provider finds that 61% of respondents would rather choose cards as a form of payment over cash when they are buying products cheaper than £20. In addition, the survey shows that consumer understanding of contactless payment is growing. As proof of this statement, Barclaycard reveals that at present four in five consumers are quick to identify the symbol that shows contactless payment as an option, while the proportion was 50% smaller 12 months ago.
However, there is still a long way to go as far as trust is concerned, as the latest poll shows that three quarters of respondents are still unaware of the fact that contactless payment is insured against scams. During the research, consumers were informed of this and 40% stated they would be more likely to use the method.
Richard Armstrong, Barclaycard’s retailer relationship director, says that more than a million contactless payments are made by card every month just by Barclays and Barclaycard customers. These figures represent a massive increase in contactless payment technology adoption among UK consumers and the figures are likely to rise as consumers gain confidence in the method, Armstrong adds.