Since January 2010 there has been a 217 percent rise in monthly contactless transactions, with over 150,000 processed in September alone . The rapid adoption of NFC technology has been triggered by the range of UK retailers offering contactless payments at their POS terminals. According to Barclaycard, the number of terminals has jumped from 25,000 at the beginning of 2010, to 42,500 at present.
Contactless payments enable customers to make purchases of GBP 15 or less without having to enter a PIN or insert their card into a payments terminal. Once the card has been held over the contactless terminal, the transaction uses the Chip-and-PIN technology to automatically add the purchase to the customer’s credit card bill or debit it from their current account.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now