You are here: Home - Credit Cards & Loans - News -

Do you check before you tap?

0
Written by:
25/10/2017
Around three-quarters of Brits have used contactless payments, but only 38% said they always check the amount before they pay.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week