Do you check before you tap?
Research by money management app Yolt found that 76% of Brits have used contactless payments, which allow ‘tap and go’ purchases of up to £30. 40% of people now make half or more of their card payments using contactless.
However, nearly half (48%) said they don’t always check the amount before they tap to pay. Young people (those aged 18-34) are the least likely to check the amount before paying, with only four in ten (39%) doing so every time.
Customers aged 55 or over are more vigilant, with 62% saying they check the amount every time they use contactless.
82% of Londoners have used contactless payments, making it the most popular city in the UK for this type of transaction.
According to the British Retail Consortium, contactless payments now account for a third of all card transactions in the UK with 416.3m contactless payments made each month, totalling £3.913m. Yolt’s research showed that most people (81%) don’t believe contactless has affected their spending patterns with just 8% of consumers saying they spend more since they started using contactless payments.
Figures from Financial Fraud Action UK (FFA) earlier this year found that the amount of money stolen from contactless bank cards and mobile devices was rising, up almost 150% year-on-year. Nearly £7m was fraudulently spent using contactless technology in 2016, compared to £2.8m in 2015.