Contactless payments via debit and credit card have been introduced as a payment option to certain consumers over the past number of years and have become considerably popular with recent figures for 2015 showing a spend of £2.5 billion in the UK market alone.
As recently as September, shoppers in the UK have been allowed an extra £10 per contactless transaction meaning the highest value per contactless transaction now stands at £30 in the UK (Source: BBC). Similar limitations exist in other markets, with the threshold in Ireland rising from €15 to €30 per transaction recently.
In a move away from contactless payment thresholds, MasterCard have recently announced the phasing out of such limits on their contactless payment from 2017. All customers will then be able to pay contactless for high value payments above the threshold at all contactless terminals. It was also announced that contactless would be accepted at every POS across Europe by 2020 (Source: Payments, Cards & Mobile).
The growing influence of contactless payments raises questions for business across the UK & Ireland. Customers are increasingly turning to new payment technologies and contactless payments are predicted to increase in value over the coming years. Payment Plus card terminal solutions allow for contactless payment and will ensure your company capitalises on the contactless payment market. Why not call us today to discuss a contactless card processing solution that suits your organisation’s need?