Retailers call for boost in contactless spend cap

238
contactless

More than half of retailers have called for the spending limit on contactless cards to be raised above the £30 limit.

A new survey conducted by Barclaycard has found that 53 per cent of retailers want the spending limit to be raised, with 37 per cent calling for a £50 cap and 20 per cent calling for a £100 cap.

This has been driven by a boost in transactions seen in retailers who have adopted the technology.

Three quarters of shops who support contactless payments have seen a 30 per cent boost in transactions per day, and a further 20 per cent saw a 50 per cent boost.

More than half of all purchases under £30 are reportedly made with the technology, and Barclaycard expects this to rise to a further 317 per cent in the next four years.

READ MORE:  Barclaycard begins trials for checkout-free shopping app

Despite use being forecast to skyrocket even further in the next few years, nearly half of retailers are yet to adopt the technology.

“As the old adage goes, ‘time is money‘, and since introducing contactless to the UK 10 years ago, we‘ve seen Brits embrace the technology in their droves,” Barclaycard Mobile Payments innovation director Tami Hargreaves said.

“And with speed, security and convenience all being so important for shoppers, it‘s not surprising that contactless is quickly becoming the most popular way to pay.”

Click here to sign up to Retail Gazette‘s free daily email newsletter