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Contactless payments to come of age during Olympics

Contactless payments to come of age during Olympics
Friday January 13 2012

The Olympics is widley predicted to be the catalyst for the take-up of contactless payments.

Shoppers can scan their contactless credit card over a terminal for payments up to the value of £15. It's reported that contactless payment technology shortens queuing times. A MasterCard survey of European usage last year indicated only 5% of British consumers used contactless payments, second lowest only to France where 4% of consumers did so.

The technology is a natural choice for fast-food retailers. Currently McDonalds, Subway, Eat, Pret a Manger, Cafe Nero as well as selected Burger King and Little Chef outlets offer it. Retailers Boots and Clinton Cards have rolled it out in selected stores and The Co-op, Wilkinson and Starbucks intend to introduce it soon.

Mark Austin, head of contactless for Visa Europe says "thousands of new contactless terminals will be installed across Olympic venues".

The technology may not have fully caught on yet, but Visa questioned 500 UK cardholders and 73% believe contactless payments will become the most common way to pay for goods in the future.

Tagged as: nfc |