In 2007, contactless payments were introduced in the UK, allowing customers to “wave and pay” for low-value items, capped at £10 per transaction. We have since seen this limit increase gradually to reach £45 today.
With at least 135m contactless cards in circulation and the technology accounting for 9.6bn payments a year and rising, this payment solution is now part of our daily habit. However, a new change is set to boost contactless payments even further. From Friday 15th October the spending cap has more than doubled, to £100.
To fully take advantage of this ongoing revolution, merchants and particularly retailers, need to ensure that their connectivity is up to speed, especially with the festive season around the corner. A fast connection will allow them to process payment faster, which means more revenue, but also fewer queues and a better customer experience.
Make sure all your connected devices are geared up for the Christmas season. Contact us on 03456 200 200 or info@2circles for a free audit of your in-store WiFi and broadband, or IoT/M2M system.
"Contactless payments have become increasingly popular" "The higher payment limit offer customers greater choice about how they pay for things, from the weekly shop to a tank of fuel." David Postings, CEO at UK Finance