Trade must stay in touch with trends

Popularity of contactless payment looks set to keep on growing, firms say

Contactless payment

THE rise of ‘touch and go’ payment continues unabated as more and more consumers take advantage of contactless payment technology, according to Barclaycard.

Data from the bank’s Contactless Spending Index indicates that 2017 is on track to be another record-breaking year for contactless payments, following on from a 166% rise in the use of the payment technology in 2016.

In the first half of 2017, contactless spending was up by 34%, according to Barclaycard, which stated that more than half of all transactions (51%) up to the eligible spending limit of £30 are now made using contactless technology.

And mobile payments, made via the likes of Apple and Android Pay, are also said to be catching on rapidly; use of Barclaycard’s Android Contactless Mobile app is said to be up 90% so far this year.

Therefore, on-trade operators not keeping up to date with changing payment technology could be missing a trick, according to Edinburgh-based EPOS firm Zonal.

The company’s sales and marketing director, Clive Consterdine, said reviewing customer’s tech habits “is vital if you are to stay relevant and competitive”.

“Investing in technology is an important driver for business growth, but it’s not just about embracing the latest fad – but focusing on solutions that will help deliver your business goals,” said Consterdine, adding that happy customers “drive loyalty, sales and profits”.