Convenience first Brits overlook contactless payments security concerns

The convenience of contactless payments is outweighing UK consumers’ security concerns, according to research by Worldpay from FIS.

This comes as the UK contactless limit rises to £100.

This sort of payment has increased over the past year, with 55% of all UK credit and debit transactions being made via contactless during the first six months of 2021. 75% of consumers now find it easier to use purchase items in this way.

At the same time, however, 59% of UK shoppers have reservations regarding safety and fraud, with this amount increasing to about 61% for mobile contactless.

Although Worldpay’s research suggests that people are willing to overlook these concerns in favour of convenience, with ease and speed now being the driving force in how consumers choose to pay.

Pete Wickes, General Manager, EMEA, Worldpay from FIS, comments: “For technology adoption to be successful, there has to be trust and consumers need to feel empowered.”

“As the UK contactless limit increases this week, it’s imperative that the industry comes together to reassure and educate shoppers about contactless payment security.”

“The data shows that contactless is one of the safest ways to pay. Contactless fraud accounted for just 2.9% of overall card fraud in 2020, a decrease on the previous year, despite the rise in contactless limit.”

The fact that over a fifth of consumers still haven’t been issued a contactless card could be problem, though, especially as retailers enter the busiest shopping period of the year. 

“The new contactless limit will increase both the volume and value of transactions, and it is vital that those who want to pay this way have access to this technology,” Wickes concludes.

Contactless paymentsStaff WriterWorldpay from FIS, Payments, Contactless payments, FinTech, Mobile payments, Security, Credit cards, Debit cardsComment