10th anniversary of contactless in UK

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September marks 10 years since Barclaycard introduced contactless payments to the UK. As Kate King reports it’s since expanded to include wearables and mobilepay – bringing the idea of a cashless society one step closer.

(REUTERS/BARCLAYS) – Whether you wear it or tap it,

one out of six Briton’s now use contactless to pay.

September marks ten years since Barclays introduced it in the UK,

its popularity helped by the roll out on London’s transport network three years ago.

HEAD OF INNOVATION AND MOBILE PAYMENTS FOR BARLCAYS UK, TAMI HARGREAVES,

“If we just look to last year we saw 166 percent growth in contactless from the previous year.”

Currently contactless cards have a 30 pound threshold.

More than half of all transactions under that are now made using the method-

which begs the question: When will the spending limit increase?

HEAD OF INNOVATION AND MOBILE PAYMENTS FOR BARLCAYS UK, TAMI HARGREAVES,
“We will continue to look at what’s the right limit for the UK going forward,we have now the introduction of mobile, and with mobile comes high value transactions for consumers who choose to pay that way as that really starts to embed and customers get more familiar to use high value for mobile we are really really confident we can deliver those promises of leave your wallet behind.”

In 2020 tap and go will become mandatory for retailers.

REUTERS REPORTER, KATE KING,

“In a world where increasingly time is money – contactless is King –

It’s seven seconds faster than using chip and pin and 15 seconds paster than paying with cash.”

Those who already use it – process 30 percent more transactions a DAY.

Speed then a priority, but so too is security – and that’s stopped some from adopting the method.

Barclays instists its safe

HEAD OF INNOVATION AND MOBILE PAYMENTS FOR BARLCAYS UK, TAMI HARGREAVES,

“This the lowest experience of fraud compared to any other payment type in the UK – contactless fraud is negligible.”

But if it’s still all too frightening – maybe you can jump to the next step.

HEAD OF INNOVATION AND MOBILE PAYMENTS FOR BARLCAYS UK, TAMI HARGREAVES,

“Further afield I think we will also continue to see new technology in biometrics, so the introduction of say new ways to identify you whether that’s a retina scanner for example. ”

Yes, that loose change found beneath the sofa cushions

may be worthless, sooner than you think.

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