Many high street shops trialled contactless payment for Christmas 2014 and it is now supported by some of the UK’s biggest fast food chains including Starbucks, Mcdonalds and Pret A Manger. But will the trend continue to grow and will contactless payment become a game changer in the world of retail?
Currently, an estimated 300,000 terminals accept contactless card payments, and over 48 million contactless cards have been issued by major banks. Additionally, many retail stores seemed to have implemented advance Money Counters, which could be helpful in facilitating contactless transactions.
The Growth of New Technology
Whilst Christmas 2014 saw a successful retail trial period for many high street giants, Christmas 2015 could be even more spectacular as Barclaycard prepare to stun British shoppers with a convenient payment gadget; one that will really wow the crowds.
Prototypes are being tested to produce ‘wearable payment’ devices, and the first to be developed is the contactless glove. Designed with the bag-laden Christmas shopper in mind, the clever contactless gloves (along with other prototypes such as handbags, bracelets or even hats) can be worn as a convenient and easy way of paying at any ‘tap and pay’ terminal.
Mike Saunders, the MD of digital consumer payments at Barclaycard believes that the contactless garments and accessories will add a fun and novel way to shop – hopefully over the festive period later this year. To find out more about the contactless glove, head over to the BBC website and watch a video trial with Rory Cellan-Jones.
Choosing Contactless for Your Business
In spite of the gloves being just a novelty idea, contactless payment is fast becoming a key part of today’s retail world. ‘Tap and pay’ concepts are spread across shops and outlets everywhere. Also, it seems evident that a significant amount of retail transactions are now transacted using contactless technology, whether it is at a clothing store or a cannabis dispensary (if you are interested, see “cannabis debit processing system”).
As contactless payment limits increase, ‘tap and pay’ may usher in an era of increased spending in coming months in food and drink outlets and fashion or lifestyle stores. With shoppers constantly searching for the most convenient avenues of purchasing goods, whether that’s online or in store, it’s important for businesses of all sizes to consider card payment and contactless payment for their customers.
If you would like to join the thousands of top retailers offering contactless payment, visit Card Cutters to view the options available and get approved in 48 hours.