Credit Cards & Loans
Consumers ‘scared’ of contactless payments
According to a study of 2,000 UK adults by gocompare.com, only 6% of Brits have so far made a contactless payment with a credit card and just 3% have made such a transaction using their mobile phone.
The research also looked at how people expect to pay for things in ten years time – with most Brits still thinking cash will be king (60%), closely followed by debit cards (52%).
Nearly two fifths of people thought they would be using contactless card payment systems in 2023. By comparison, only 36% expected to still be using traditional credit cards by then.
Just over a quarter of those surveyed expect to be paying for items via their mobile phone in 2023, while 19% think they will be using a type of biometric payment system.
John Miles of Gocompare.com said: “Our relationship with money; the way we’re paid and the way in which we pay for goods and services; has changed dramatically over the last few decades.
“For most of us, our income is paid directly into the bank, household bills are paid by direct debit or standing order and our wallets contain a range of plastic credit and debit cards, rather than cash. And our survey revealed that cheque usage has reduced, with a third of people not having written a cheque in the last 12 months.
“The rapid growth of the internet and online shopping has also transformed payment systems with the development services such as PayPal. In fact, 86% of people we surveyed said they hold a PayPal account, and of these 54% are regular users. But, are we ready to become a cashless society?”
Most Transport for London buses now have contactless payment methods. If a commuter runs out of money on their oyster card or runs out of cash, using a contacless credit or debit card is a another quick form of payment.
Paying on the bus with a contacless payment card costs the same as a single journey paid through an oyster card, £1.40.