In a rapidly evolving digital landscape, how goods and services are paid for is dramatically shifting.
With contactless payments becoming increasingly popular and more convenient than traditional chip and PIN payments, adopting contactless payments has benefited various businesses by improving convenience and security whilst reducing cash handling. Lifting the contactless limit in the UK at the end of 2021 has accelerated the trend.
Ed Fillbrook, Junior Partner at Bankbrokers UK & Ireland, explores in a new article why contactless payments are becoming more popular and the trends for the next few years. For example, in 2021, 13.1 billion payments in the UK were made by contactless debit or credit cards, according to research from UK Finance. This accounted for 32% of all total payments, which is expected to rise to 19.4 billion by 2031.
Also, the article highlights how businesses across various sectors can capitalise on the growing trends. This includes insights for
– Retailers
– Restaurants and Cafes
– Transportation and Delivery Services
– Entertainment Venues
– Small Businesses
Contactless payments can benefit businesses and increase transaction speed and efficiency without compromising payment safety. As trends point upward for contactless payment growth, companies across all sectors will benefit from staying close to the latest market trends, assessing their approach to new developments and opportunities for improved efficiency.
Click below to read the full article.