They are only a relatively recent phenomenon but the days of contactless payment cards could soon be numbered, according to a new report.The poll of more than 2,000 UK adults suggested many consumers think contactless cards are a ‘step backwards’ security-wise, with 67% predicting they won’t be around in five years time.
Contactless is a function on certain debit, credit and prepaid cards that allows customers to buy goods costing £20 or less without entering a PIN.
The study by www.VoucherCodesPro.co.uk found that 55% of those who have a card with contactless payment capabilities have yet to use it, with 41% blaming security concerns and 36% saying they don’t know how it works.
However, 23% of respondents admitted they weren’t aware of the security measures in place to protect consumers with contactless payment cards, such as payment amount and transaction limits.
George Charles, spokesperson for VoucherCodesPro.co.uk, said: „Contactless payment technology is all about making the purchase process quicker for consumers, cutting back on queues and generally lessening the hassle of paying at tills. However, perhaps its days are well and truly numbered. If people with the ability to pay in this way aren’t taking advantage, for whatever reason, it seems to be pointless to try and push it.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
